iQIYI price target lowered to $6.90 from $7.60 at UBS

UBS analyst Felix Liu lowered the firm’s price target on iQIYI to $6.90 from $7.60 and keeps a Buy rating on the shares. iQIYI’s Q3 as in line and continued its recent trend of weak subscriber offset by average revenue per membership, the analyst tells investors in a research note. The firm sees a see potential y/y pipeline recovery in 2024 especially from Q2, post the 1Q23 high base.