WB 4Q24 Results: Ad Recovery Could Take Time
What’s new: Weibo’s reported 4Q24 results that were above consensus and our expectations. While ad demand from verticals such as 3C, auto and e-commerce could remain resilient, there are still uncertainties around gaming that may drag overall ad segment. We up our PT from USD10 to USD12 on higher EPS estimates. Our updated PT of USD12 implies 6.0x FY25E P/E. We maintain our BUY rating.Analysts:
Jin Yoon
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