Joyy price target raised to $57.10 from $46 at Jefferies

Jefferies analyst Thomas Chong raised the firm’s price target on Joyy (YY) to $57.10 from $46 and keeps a Buy rating on the shares after the company and Baidu (BIDU) announced the closing of the deal for YY Live, which the firm says “was not expected” by the market. The firm’s raised target factors in the closing of the deal and potential unlocking of the cash value of the deal to shareholders as well as weak seasonality and the suspension of iOS app downloads in the early part of January, the analyst tells investors.