iQiyi upgraded to Buy from Neutral at UBS

UBS upgraded iQiyi (IQ) to Buy from Neutral with a price target of $3.32, up from $1.97. iQiyi’s fundamentals could be bottoming out amid a more benign regulatory environment, the analyst tells investors in a research note. Key positives from new regulations include likely easier and more flexible long-form video approval features, as well as a further relaxation on long form video subject matter, UBS says.