Citi analyst Vicky Wei lowered the firm’s price target on iQiyi (IQ) to $2.80 from $3 and keeps a Buy rating on the shares as part of a Q4 earnings preview. The firm now models an adjusted net loss instead of net profit in Q4 as it “conservatively” factors in the currency depreciation impact. Into Q1, Citi expects “tough competition to sustain,” and says iQiyi will introduce various dramas for the Chinese New Year.
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