YY - JOYY's sale of YY Live to Baidu remains on track Nomura says

JOYY's (YY) $3.6b sale of its YY Live streaming business to Baidu (BIDU) remains on track, Nomura said earlier after talking to management recently.Baidu and JOYY appear committed to the transaction; deal was expected to be completed by end of 1H21, according to Nomura analyst Jialong Shi.Nomura's note comes after short seller Muddy Waters said shortly after deal was announced in November that that there was alleged ``massive fraud'' at the Bigo Live unit.JYY shares have dropped 15% since Nov. 17, the day before the Muddy Waters short report hit.Nomura also writes JOYY’s stub business, i.e. Bigo, continues to ``perform well''; expects Bigo to report ``solid and inline'' 4Q results.Reiterates buy rating on JOYY with $157 PT; Baidu remains neutral.Recall Nov. 23, Buy the dip in JOYY, says JPMorgan, lifting price target

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JOYY's sale of YY Live to Baidu remains on track, Nomura says