Shares of Huya Inc., a leading game live streaming platform, plummeted nearly 9% on Tuesday after Bank of America downgraded the stock and lowered its price target, citing concerns over the company's core streaming business.
In a research note, BofA analyst Lei Zhang cut Huya's rating from Buy to Neutral and reduced the price target from $5.80 to $4. The analyst expressed concerns about the weakening performance of Huya's core game streaming business, which has been a key driver of the company's growth and revenue.
The downgrade and accompanying price target reduction weighed heavily on Huya's stock, with investors reacting negatively to the news. Analyst downgrades can significantly impact investor sentiment and often lead to selling pressure, as was the case with Huya on Tuesday.
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