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Fly News Breaks for May 29, 2019
MOMO, YY
May 29, 2019 | 09:16 EDT
Nomura Instinet analyst Jialong Shi upgraded YY (YY) to Buy from Neutral while lowering his price target for the shares to $77 from $81. The risk/reward is more favorable with the stock down 27% from its recent peak, Shi tells investors in a research note. The analyst thinks the current market volatility, triggered by macro concerns, may benefit "cheap stocks with macro-defensive businesses" such as YY and Momo (MOMO).
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