|Bid||0.00 x 1300|
|Ask||0.00 x 1000|
|Day's Range||24.22 - 25.80|
|52 Week Range||14.51 - 28.03|
|Beta (5Y Monthly)||N/A|
|PE Ratio (TTM)||23.90|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
Following several years of investing in original content, IQIYI Inc - ADR (NASDAQ: IQ) seems to have enough content diversification to fully differentiate itself from competition, according to KeyBanc Capital Markets. The iQIYI Analyst: Hans Chung upgraded iQIYI from Sector Weight to Overweight with a $30 price target. The iQIYI Thesis: With increasing high-quality content, the company’s churn is expected to improve, helping it return to sustainable subscription revenue growth, Chung said in the upgrade note. “Negative impact by price increase in Nov. 2020 is largely behind; instead, retention rates for both existing and new subscribers are coming in higher,” the analyst said. iQIYI is also likely to benefit from the cap on actor and actress salaries, “alongside competition for content also becoming more rational,” which should lead to content costs remaining “flattish” in the near to medium term, he said. “Given improving membership monetization with flat growth in content cost in the NT-MT, we now expect IQ to achieve profitability in 2022 and to further expand operating margin to 4% in 2023.” IQ Price Action: Shares of iQIYI were down 1.61% at $23.50 at last check Tuesday. (Photo: "The Legend of White Snake" via IMDb) Latest Ratings for IQ DateFirmActionFromTo Feb 2021KeyBancUpgradesSector WeightOverweight Jan 2021Credit SuisseDowngradesNeutralUnderperform Jan 2021HSBCDowngradesBuyHold View More Analyst Ratings for IQ View the Latest Analyst Ratings See more from BenzingaClick here for options trades from BenzingaCredit Suisse Downgrades SunPower On Valuation, Disappointing Q1 RevenuePetrobras Plummets Amid CEO Turmoil© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Baidu (NASDAQ: BIDU), the Chinese tech giant that owns the country's largest online search engine, launched its online video platform iQiyi (NASDAQ: IQ) in 2010. Baidu spun off iQiyi in an IPO in 2018 but retained a majority stake in the company, which still generated 28% of its total revenue in fiscal 2020. In the past, that relationship was beneficial because iQiyi's stronger revenue growth offset the ongoing declines in Baidu's core advertising business.
The results show quarterly revenue fell 1% year over year while full-year revenue rose 2%. Once a darling among growth investors, iQiyi saw revenue growth turn negative in the third quarter of last year.