Weibo stock is down on Tuesday after receiving a downgrade from Nomura analysts.
The downgrade for Weibo (NASDAQ:WB) has Nomura analysts giving the stock a new rating of “Neutral.”This is bad news for Weibo stock as the previous rating from Nomura was “Buy.” However, it doesn’t stop there.
To go along with the downgrade of Weibo stock, Nomura analysts also have a new price target for the stock. This new price target for WB stock is $64. That’s a roughly 14% drop from Nomura’s previous price target of $74 for WB stock, reports Motely Fool.
It’s worth noting that Weibo stock was trading at $60.80 when the markets closed on Friday. This means that Nomura is still seeing some upside to the stock from its current price, but it is nowhere near the previous price target.
Weibo stock has been on a rough ride over the last year. On the same day as today in 2018, WB stock was trading at $131.13 per share. That’s more than double what the stock is currently trading at. The stock continued to decline throughout the year. This likely has to do with the trade war between the U.S. and China, which also hit many other Chinese stocks.
So what is the overall view on Weibo stock from analysts? Currently, the stock has a consensus rating of “Hold.” The consensus price target for the stock is sitting at $87.13.
WB stock is down 11% as of Tuesday afternoon.
As of this writing, William White did not hold a position in any of the aforementioned securities.
