Webtoon price target lowered to $10 from $12 at JPMorgan

JPMorgan lowered the firm’s price target on Webtoon (WBTN) to $10 from $12 and keeps a Neutral rating on the shares. The company’s Q4 results were in line with the preliminary results, but the Q1 guidance was much weaker than anticipated, the analyst tells investors in a research note. The firm believes expectations will need to reset at lower levels coming out of the Q4 report. Webtoon’s first few quarters as a public company have been challenging and improvement in sales trends and overall execution “are critical to build confidence” in the company’s long-term growth and margin potential. contends JPMorgan.