Fly News Breaks for December 5, 2019
Dec 5, 2019 | 08:17 EDT
Goldman Sachs analyst Bill Liu downgraded Sina (SINA) to Neutral from Buy with a price target of $41, down from $59, after lowering his 2020 and 2021 revenue estimates by 5% and 6%, respectively, and cutting his EPADS estimates for the two years by 11% and 13%, respectively, to reflect Q3 results and his updated Weibo (WB) estimates. He also cites Sina's continuous investment in FinTech, where Liu notes regulations remain tight and weak macro conditions are weighing.
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