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Investing.com - Jefferies has raised its price target on Sohu.com (NASDAQ:SOHU) to $20.00 from $18.00 while maintaining a Buy rating following the company’s third-quarter results. The new target aligns closely with InvestingPro’s Fair Value assessment, which suggests the stock is currently undervalued trading at $15.34.
The Chinese internet company reported quarterly results that exceeded expectations, with both total revenue and non-GAAP earnings surpassing forecasts, according to Jefferies. The company has been profitable over the last twelve months with a basic EPS of $4.10 and maintains impressive gross profit margins of 74.83%.
The stronger-than-anticipated performance was primarily driven by Sohu’s gaming segment, where "TLBB: Return" performed better than expected in terms of user payment behavior and retention rates.
During the earnings conference call, Sohu’s management emphasized that the company continues to offer innovative and unique marketing solutions to attract advertising budgets despite macroeconomic uncertainties.
Jefferies cited these positive factors in its decision to increase the price target while maintaining its Buy recommendation on Sohu.com stock.
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