Morgan Stanley raised the firm’s price target on Webtoon (WBTN) to $11 from $10 and keeps an Equal Weight rating on the shares after the company reported “solid” Q2 results and the “big upside surprise” of a partnership with Disney (DIS) to bring their owned IP comics to Webtoon. Financial terms were not disclosed and while “positive” on the partnership, the firm stays on the sidelines as it watches whether new users drive the core consumption/creation flywheel, which it calls the key to Webtoon’s profitability ramp.
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