Weibo price target lowered to $15 from $18 at Citi

Citi analyst Alicia Yap lowered the firm’s price target on Weibo to $15 from $18 and keeps a Buy rating on the shares. The analyst says the company reported a mixed Q4 results. Looking into 2024, while managemewbt sounded cautious on the Q1 outlook given weak macro conditions and low visibility of advertising budget spend, the company seems optimistic for a stronger second half as it expects higher ad spend during the summer Olympic games and potential gradual improvement of China macro outlook, the analyst tells investors in a research note.