Joyy price target raised to $35 from $30 at JPMorgan

JPMorgan analyst Daniel Chen raised the firm’s price target on Joyy to $35 from $30 and keeps a Neutral rating on the shares post the Q2 report. The company’s Q3 guidance suggests weaker than normal seasonality, the analyst tells investors in a research note. While Joyy’s valuation is “not demanding,” there is a lack of visible catalysts to drive a meaningful revenue recovery, which is key to improvement in investor sentiment, the analyst tells investors in a research note.