Webtoon downgraded to Neutral at UBS amid limited near-term visibility

UBS analyst Jennifer Han downgraded Webtoon (WBTN) to Neutral from Buy with a price target of $13, down from $16. While UBS is constructive on the long-term potential of partnerships with Warner Bros. (WBD) and Disney (DIS), there is limited visibility on timing, deal terms, and monetization, making it hard to incorporate these initiatives into the firm’s model, the analyst tells investors in a research note. The stock will likely remain range-bound until clearer inflection points start to emerge, UBS adds.