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Weibo upgraded to Buy from Neutral at Goldman Sachs
The Fly

Weibo upgraded to Buy from Neutral at Goldman Sachs

Goldman Sachs analyst Timothy Zhao upgraded Weibo to Buy from Neutral with a $25 price target. The analyst expects the weak brand advertising spending trend relative to performance ads and e-commerce ads in 2022 to reverse in 2023 on a faster re-opening and stronger macro/household consumption outlooks. In particular, Zhao believes Weibo, which draws over 2/3 of its ad revenue from retail/consumption related categories, will enjoy faster revenue/earnings growth from Q2 2023, which resembles its recovery path from mid-2020 to mid-2021.

Published first on TheFly

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