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On Tuesday, Jefferies analyst Thomas Chong increased the price target on YY Inc (NASDAQ:JOYY) (NASDAQ:YY) to $57.30, up from $57.10, and reiterated a Buy rating on the shares. The adjustment follows the company’s first-quarter results, which showed revenue matching forecasts and non-GAAP earnings surpassing expectations.
YY Inc’s management provided second-quarter revenue guidance with a mid-point that aligns with the consensus. In a recent conference call, the company’s leadership emphasized significant advancements in advertising revenue, attributing the progress to a combination of factors including a large user base, technological innovation, and localized operations with a global reach.
Furthermore, YY Inc has fully implemented operational adjustments in its live-streaming segment. These changes are expected to contribute to a reduction in losses for the company’s All Other segments, which encompasses various business activities outside of the core live-streaming service.
The company’s positive outlook and strategic adjustments have led Jefferies to maintain a bullish stance on YY Inc stock. The firm’s new price target slightly increases the valuation, reflecting confidence in the company’s ongoing initiatives and potential for future growth.
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