JPMorgan downgrades Autohome to Neutral on expected estimate cuts

JPMorgan analyst Alex Yao downgraded Autohome (ATHM) to Neutral from Overweight with a price target of $28, down from $31. The firm sees the company’s “lackluster” media services and lead generation revenue outlook, as well as its investments into its new O2O business, to drive another round of estimate cuts. The positive impact of China’s anti-involution policies on the auto sector has fallen short of expectations, the analyst tells investors in a research note. In addition, JPMorgan believes nationwide subsidies for electric vehicle purchases are likely to be scaled back in 2026.