Hello Group price target lowered by $1.10 at Citi, here’s why

Citi analyst Brian Gong lowered the firm’s price target on Hello Group to $8 from $9.10 and keeps a Neutral rating on the shares. Momo reported “decent” Q3 results, the analyst tells investors in a research note. The firm reduced estimates to reflect macro softness and the scale-back of low margin business.