2023-03-06 09:20:03 ET
- Chinese online entertainment services provider iQIYI ( NASDAQ: IQ ) rose 3% in pre-market trading Monday as Goldman Sachs analyst Lincoln King raised his rating on the company's stock to buy from neutral.
- King said iQIYI ( IQ ) reached "an inflection point" in 2022, and is in position to regain market share as revenue and earning grow. IQIYI ( IQ ) specializes in services such as online video, gaming, live streaming, e-commerce and social media platforms and technologies.
- King added iQIYI should benefit from the growing market in China for watching long-form videos online, as well a regaining subscription market share through more of its original and exclusive content.
- It was the second notable stock-rating upgrade for iQIYI ( IQ ) in the last week. On March 2, Bank of America analyst Lei Zhang boosted his take on iQIYI ( IQ ) to buy from neutral on the grounds that it as strong "in-house" content that should improve its position in the Chinese market .
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iQIYI shares rise; Goldman Sachs upgrades on Chinese online opportunities