Alliance Global Partners upgraded Aurora Mobile to Buy from Neutral with a $7 price target following the Q4 report. While revenue was down 13% year-over-year, stronger average revenue per user trends and new customer additions for Aurora’s push notification subscription business led to a recovery throughout 2023, the analyst tells investors in a research note. With new business trends slowly recovering and international bookings beginning to ramp, the firm expects the company to return to growth in 2024. Alliance Global sees Aurora Mobile being about break-even even before the China economy has recovered.
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