Qutoutiao +3.6% on Citi upgrade (update)

Apr. 16, 2019 7:23 AM ETQutoutiao Inc. (QTT)QTTBy: Brandy Betz, SA News Editor17 Comments
  • Citi upgrades Qutoutiao (NASDAQ:QTT) from Neutral to Buy but trims the target from $16 to $14 due to the high share count and a slight estimates revision.
  • Earlier this month, QTT priced an offering of 3.3M shares from the company and 6.7M by selling shareholders.
  • QTT shares are up 3.6% pre-market to $9.05.
  • More details from the upgrade:
  • Analyst Alicia Yap cites an improved risk/reward balance after the 24% pullback that followed the secondary offering.
  • Yap says user counts remained solid last month and the company could capitalize on deeper collabs with Taobao merchants and Alibaba's marketing cloud for user retention.
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