KeyBanc Maintains Overweight On iQIYI After Q2 Earnings; Slashed Price Target Implies 101% Upside

KeyBanc analyst Hans Chung lowered the price target on iQIYI Inc IQ to $19 from $26, implying a 100.6% upside, and maintained an Overweight rating.
The rating reflects regulatory uncertainty and sector-wide multiple contractions.
While a more restricted regulatory environment could impact the timing of content release and present near-term headwinds, he continues to think improving the quality and quantity of original content could drive a consistent improvement in sub-churn rates.
iQIYI's Q2 revenue of $1.2 billion beat the analyst consensus of $1.14 billion. Loss per ADS of $(0.27) exceeded the analyst consensus loss of $(0.34).
Price Action: IQ shares traded higher by 0.48% at $9.52 in the market session on the last check Friday.

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