Joyy price target raised to $66 from $62 at Morgan Stanley

Morgan Stanley analyst Rebecca Xu raised the firm’s price target on Joyy (JOYY) to $66 from $62 and keeps an Equal Weight rating on the shares. The firm updated its forecasts and price target following Q3 results, adding that it see stronger advertising momentum and anticipates acceleration in Q4. The firm’s core business valuation is lifted to $1.45B, versus $1.12B prior, reflecting the “brighter” advertising business outlook, the analyst tells investors in a research note.