- BofA analyst Lei Zhang resumed coverage of DouYu International Holdings Ltd DOYU with an Underperform and price target of $3.30, implying a 29.4% upside.
- The re-rating follows the termination of the merger offer with HUYA Inc HUYA.
- Zhang sees multiple ongoing regulation changes impacting DouYu's business development.
- DouYu is a game-centric live streaming platform in China.
- HUYA is a technology-driven content company with live game streaming as its core business and focuses on building a live broadcast platform.
- Further, rising competition with Huya and Bilibili Inc BILI will lead to growth pressure "across the board," Zhang says.
- Zhang says competition in game streaming is intensifying.
- Price Action: DOYU shares closed lower by 0.39% at $2.55 on Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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