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Fly News Breaks for August 16, 2019
IQ
Aug 16, 2019 | 06:43 EDT
JPMorgan analyst Alex Yao initiated coverage of iQIYI with an Underweight rating and $14 price target. "Soft" online ad demand and content supply constraints resulting in subdued new subscriber sign-ups will drive estimate cuts and share underperformance, Yao tells investors in a research note. He expects iQIYI shares to react negatively in the second half of 2019 as the company revises down 2019 subscriber guidance.
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