Agora falls as BofA slashes PT
25/11/2022 16:09
(Updates)
** Shares of software services provider Agora Inc API.O
fall 7% to $2.67
** BofA Global research slashes PT for API to $5.40 from
$34.30, maintains "buy" rating
** API dropped 20% on Tuesday after co reported a
bigger-than-expected loss and lowered its FY 2022 revenue
forecast urn:newsml:reuters.com:*:nGNX7yrhzm
** Co faces macro economic challenges -restrictive
regulations in markets like China, inflation and other factors
affecting client ability to raise funds and the strengthening of
U.S. dollar -BofA
** The brokerage reiterates "buy" rating, citing longer-term
growth potential of the company's real-time engagement (RTE)
business keeping in mind the launch of API's "next generation of
RTE" SDK 4.0 in Oct. 2022
** Five of seven brokerages rate the stock "buy" or higher
and two rate it "hold"; their median PT is $4.50 - Refinitiv
** Including session losses, stock down 83.5% this year
(Reporting by Sourasis Bose in Bengaluru)
((Sourasis.bose@thomsonreuters.com))