Weibo price target lowered to $11 from $13 at Citi

Citi lowered the firm’s price target on Weibo to $11 from $13 and keeps a Buy rating on the shares. The company reported inline revenue and a slight profit beat in Q2, which come relatively inline with low expectations, the analyst tells investors in a research note. However, the firm says management noted the macro environment likely retains weak sentiment and it may still be dragged by declining cosmetic spend while cautiously optimistic on seasonal e-commerce promotion spend in Q4.