《大行報告》摩通下調微博(WB.US)目標價至22美元 評級「中性」
摩通發表評級報告指,當內地疫情受控後,微博(WB.US)廣告支出自6月起持續恢復,但該行認為,由於消費在慢步復甦,加上整個內地互聯網削減成本,相信復甦幅度較預期的溫和;鑑於品牌廣告佔集團的大部分收入,該行認為微博正處於一個後週期循環。
該行表示,由於廣告商預算支出,尤其以品牌廣告的恢復速度較預期緩慢,將集團今年下半年收入預測下調7%,並認為品牌廣告需求持續疲軟至今年餘下的時間,加上內地封城措施的不確定性及消費者的信心疲軟,料今次恢復速度較2020年緩慢。
該行表示,基於內地恢復速度漸進軌道,將集團明年收入及經調整後每盈測分別下調7%及13%,並將其目標價由24美元下調至22美元,維持其評級為「中性」。
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