Morgan Stanley Lowers iQIYI Forecasts Amid Operating De-leveraging
On April 22, Morgan Stanley cut its price target for iQIYI (NASDAQ:IQ) from $2.10 to $1.50 and reduced revenue forecasts by up to 10% over the next three years due to operating de-leveraging. The firm also slashed non-GAAP net profit estimates significantly, citing a six-month delay before signs of recovery in user engagement emerge.
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