YY - Buy the dip in JOYY says JPMorgan lifting price target

JPMorgan jacks its price target on JOYY (YY) to $140, suggesting 65% upside in the shares. The team notes a 15% decline in the stock price since the Muddy Waters short report last week vs. a 2% gain for the MSCI China index.JOYY has since announced a special dividend, and JPMorgan says the company has more value-accretive actions it could take. Another positive catalyst is last year's purchase of live-streaming app Bigo, and JPMorgan expects better-than-hoped results from this service.YY down 2.5% premarket to $83.11.

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Buy the dip in JOYY, says JPMorgan, lifting price target