iQIYI price target lowered to $7 from $8 at BofA

BofA analyst Lei Zhang lowered the firm’s price target on iQIYI to $7 from $8 and keeps a Buy rating on the shares. iQIYI delivered “a largely in-line” Q3 result, but the firm sees several factors that indicate a weak Q4 sub trend, the analyst tells investors in a post-earnings note. Overall, BofA cuts 2023-25 revenue and 2024-25 earnings estimates on more conservative subscriber estimates.