Citi analyst Nelson Cheung double upgraded Huya to Buy from Sell with a price target of $6, up from $2.40, following a transfer in analyst coverage. The company’s Q2 beat as strong game-related service growth offset weaker live-steaming, the analyst tells investors in a research note. The firm says the company also announced a “generous” special dividend. Citi expects Huya’s live-streaming business to stabilize in the second half of 2024 with strong momentum in its game-related sales to sustain. The firm also sees better visibility for Huya’s shareholder returns with the cash dividend and ongoing share buyback.
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