Webtoon price target lowered to $20 from $23 at Evercore ISI

Evercore ISI lowered the firm’s price target on Webtoon (WBTN) to $20 from $23 and keeps an Outperform rating on the shares. Q3 results were “a bit of a letdown,” with both revenue and EBITDA missing expectations, largely due to a significant drop in advertising revenue, the analyst tells investors. While the current quarter’s results were “underwhelming,” the firm’s belief in Webtoon’s long-term potential is driven by its “strong market position and promising user engagement metrics,” the analyst tells investors.