Autohome initiated with a Neutral at Goldman Sachs

Goldman Sachs initiated coverage of Autohome (ATHM) with a Neutral rating and $28.30 price target Autohome “stands out within our China internet coverage” as one of the few companies with well-executed shareholder return policies and a focus on recurring cash dividends, but the firm sees a balanced risk-reward given its muted revenue/profit growth outlook that offsets the “attractive total shareholder returns.”