Webtoon price target lowered to $15 from $25 at Goldman Sachs

Goldman Sachs analyst Eric Sheridan lowered the firm’s price target on Webtoon (WBTN) to $15 from $25 and keeps a Buy rating on the shares. Webtoon framed a few key themes in its Q4 earnings report, including that headwinds to the business from a mixture of foreign exchange volatility continue to produce more volatile operating results and investments across an array of user engagement, the analyst tells investors in a research note. Longer term, Goldman views the company as being positively levered to a large and growing addressable market opportunity and an opportunity to capitalize on North America.