Citigroup raises Weibo's PT on potential gains from China's stimulus measures

Weibo

30/09/2024 13:19

** Brokerage Citigroup raises PT on Chinese social media
advertising firm Weibo  WB.O  to $12 from $11 
    ** U.S.-listed shares of Weibo up ~6% at $10.49 premarket
following a climb in domestic stocks after recent stimulus
measures from Chinese leaders to revive domestic economy
    ** Believe monetary and fiscal policy stimulus to boost
growth in Q4 of 2024 and expect businesses and brands to
increase advertisement spending to boost sales - Citigroup
    ** Adds, Weibo's online ad revenues to see potential gains 
from its social influences that attract both brands and
performance-based advertisers
    ** Notes, Weibo could benefit from ecommerce platforms like
Alibaba Group Holding  BABA.N  and major brands stepping up
their marketing promotions to boost their singles day sales
    ** Eleven of 23 brokerages rate the stock "buy" or "higher",
10 "hold" and two "sell"; their median PT is $9.77 - LSEG
    ** Up to last close, WB down 0.36% YTD

 (Reporting by Anuja Bharat Mistry in Bengaluru)
 ((AnujaBharat.Mistry@thomsonreuters.com;))