BofA downgraded Joyy (YY) to Neutral from Buy with a price target of $35, down from $104. The potential termination of the Baidu (BIDU) deal impacts Joyy’s cash and the dividend is on hold pending the outcome of Baidu having exercised its contractual right to terminate the share purchase agreement between Moon SPV Limited, Baidu, Joyy and other parties.
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Read More on YY:
- JOYY Inc. Showcases Strong 2023 Financial Turnaround
- Joyy sees Q1 revenue $543M-$560M, consensus $579.45M
- Joyy reports Q4 adjusted EPS $1.01, consensus 77c
- JOYY Reports Fourth Quarter and Full Year 2023 Unaudited Financial Results
- Joyy up 2% at $34.00 after Q4 earnings beat, above-consensus guidance
