Weibo price target raised to $12 from $11 at Citi

Citi raised the firm’s price target on Weibo to $12 from $11 and keeps a Buy rating on the shares. The analyst believes last week’s monetary and fiscal policy stimulus from China is likely to translate to a concerted effort to boost growth in Q4. This should translate to higher advertising spend by businesses and brands to boost sales, the analyst tells investors in a research note. While Weibo’s ad revenue share is small relative to other bigger platforms, Citi sees potential upside to Weibo online ad revenues when e-commerce platforms step up their marketing promotions to boost their Singles Day sales, the analyst adds.