iQIYI (IQ) PT Lowered to $3 at Jefferies

Jefferies analyst Thomas Chong lowered the price target on iQIYI (NASDAQ: IQ) to $3.00 (from $3.80) while maintaining a Buy rating.

The analyst comments "IQ reported 3Q results with revenue in line and non-GAAP earnings beating expectations. Management highlights the strengthening of mini and short drama content other than long-form video. IQ's competitive moat in large user base, content generation and operational capabilities stand out. In 4Q, we adjust our revenue, factoring in the timing delay in content release and softer content distribution. Maintain Buy and reduce our PT, factoring in the latest trends."

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