Kingsoft Cloud price target lowered to $3.20 from $3.80 at BofA

BofA lowered the firm’s price target on Kingsoft Cloud to $3.20 from $3.80 and keeps a Neutral rating on the shares. After Kingsoft Cloud reported its Q2 results, the firm raised its FY24-26 revenue forecast by 2%-3%, but trimmed its price target due to sector valuation de-rating.