DouYu downgraded to Hold at Jefferies on lack of visibility

As previously reported, Jefferies analyst Thomas Chong downgraded DouYu to Hold from Buy with a price target of 70c, down from $2.10. While Douyu reported Q3 total revenue beating the firm’s estimate on better-than-expected other revenue and non-GAAP earnings beat expectations, for Q4 it lowers its live streaming revenue and earnings estimates considering fewer events and one-off expenses during the quarter. The firm needs more visibility about its future strategies post the formation of the interim management committee to get more constructive, the analyst tells investors.