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Fly News Breaks for August 17, 2016
ATHM
Aug 17, 2016 | 09:09 EDT
CLSA analyst Man Ho Lam upgraded Autohome two notches to Buy from Underperform and raised its price target to $32 from $26. The analyst said Autohome reported an inline Q2 report while Q3 topline guidance was below expectations, but Ping An appointed new management, indicating spending on new initiatives could be reduced, and the B2C direct transaction model is under review. CLSA lowered 2016 revenue forecasts given lower vehicle sales and the slowdown in the core business but raised earnings estimates given reduced spending.
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