iQIYI shares fell 5.9% after JPMorgan and HSBC downgraded ratings, citing competition and subscriber growth concerns.
iQIYI shares fell 5.9% after JPMorgan Chase & Co lowered its price target from $5.00 to $3.00, leading to a neutral rating on the stock. HSBC also downgraded iQIYI's rating from "hold" to "reduce," citing a lack of near-term catalysts and intensifying industry competition hindering subscriber growth. The company's average rating among research analysts is "Hold," with a consensus price target of $5.03.
July 23, 2024
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