- Hello Group ( NASDAQ: MOMO ) shares fell 5% on Thursday after Morgan Stanley downgraded the stock from Overweight to Equal Weight, while revising its price target from $9.00 to $12.
- The bank noted, "MOMO benefits from reopening of mobility/dating apps in China, but we think the stock is fairly priced compared to peers after over 100% rally in 3 months (currently 2023/24E P/E 9x/8x), and stronger product breakthrough is needed to prove growth acceleration beyond reopening."
- Wall Street analysts and Seeking Alpha authors both have consensus buy ratings on Hello Group's ( MOMO ) shares, while Seeking Alpha's Quant system rate the stock as hold.
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Hello Group stock dips after Morgan Stanley downgrade