JOYY, the Communication Services sector company, was revisited by a Wall Street analyst yesterday. Analyst Brian Gong from Citi maintained a Buy rating on the stock and has a $59.00 price target.
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Brian Gong has given his Buy rating due to a combination of factors that suggest strong future performance for JOYY. The company has demonstrated a robust momentum in advertising, which is expected to continue growing and potentially become a significant long-term growth story. Additionally, JOYY’s live streaming segment is showing signs of stabilization with slight improvements, which is a positive indicator for the company’s future prospects.
Moreover, JOYY’s market capitalization remains below its net cash position, highlighting a strong financial standing. The company also offers an attractive annualized shareholder yield of approximately 11%, which is appealing compared to its peers in the live streaming industry. These factors, combined with a favorable valuation relative to other major live streaming companies, underpin Brian Gong’s decision to maintain a Buy rating on JOYY.
According to TipRanks, Gong is an analyst with an average return of -8.9% and a 54.90% success rate. Gong covers the Communication Services sector, focusing on stocks such as AutoHome, JOYY, and Kanzhun Ltd Sponsored.