Shares of Hello Group Inc (MOMO) plummeted as much as 5.62% on Tuesday following a double downgrade from analysts at Bank of America, citing concerns over the social networking company's growth prospects.
In a research note, BofA analyst Lei Zhang slashed his rating on MOMO to "Underperform" from "Buy" and lowered his price target to $6.50 from $14.00. Zhang expressed skepticism about Hello Group's ability to drive user growth and monetization on its core dating apps amid increasing competition and macro headwinds.
The bearish call from the influential Wall Street firm appears to have spooked investors, triggering a selloff in MOMO's stock. While the company has been working to diversify its revenue streams, analysts are questioning the long-term viability of its business model in China's increasingly crowded social media landscape.
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