YY - JOYY jumps 51% with China's support analyst praise for cash setup

Chinese social-media and streaming name JOYY (NASDAQ:YY) rocketed 51.4% Wednesday in Nasdaq trading - a response to a strong statement of Chinese government support for its market, as well as earnings where the company swung to a profit on better monetization. That huge gain only brought the stock to its highest point in a week, though, as it had suffered along with other Chinese names in recent days. Jefferies was bullish, attributing some sequential softness to "seasonality," pointing to expected sequential growth from the second quarter on, and notes the company's margin profile is still improving. The firm has a Buy rating and a $79 target, implying another 105% upside beyond today's hefty gains. Benchmark is upbeat, calling JOYY a "strong cash play for investors." Completing a YY Live sale (awaiting regulatory approval) would boost its cash balance per share to about $70 from a current $43, the firm notes,

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JOYY jumps 51% with China's support, analyst praise for cash setup