Goldman Sachs analyst Piyush Mubayi downgraded Sogou to Neutral with a reduced price target of $7.20. The analyst believes the company faces pressure on both revenues and costs in the near term following its "weak" revenue outlook. ) Advertisers are staying cautious with their budgets given the macro challenges, Mubayi tells investors in a research note. Further, the analyst notes Sogou is seeing higher traffic acquisition cost and that its new smart hardware roll out scheduled for the second half of 2019 is resulting in hardware revenue declines in the near term.