Autohome downgraded to Hold from Buy at Benchmark

Benchmark downgraded Autohome to Hold from Buy with no price target as the firm decides to step to the sidelines ahead of the company’s Q2 report due before the market open on July 31. The firm anticipates moderately muted Q2 results and see incremental downside risks for Q3 as the firm tells investors that its channel checks suggest that OEMs, with heightened competition, are increasingly shifting their resources towards price reductions in an attempt to boost sales and consequently cutting back their advertising budget, especially on traditional online media channels.