Weibo price target lowered to $9.80 from $13.60 at HSBC

HSBC analyst Charlene Liu lowered the firm’s price target on Weibo to $9.80 from $13.60 and keeps a Hold rating on the shares following the Q4 report. A still challenging macro outlook, which could imply slowing year-over-year growth, plus continual consumption downgrades leading to reduced budgets for new product launches and initiatives are expected to weigh collectively on Weibo’s outlook in 2024, the analyst tells investors in a research note. The firm thinks the stock’s current valuation is fair.