12:45 AM EDT, 06/11/2025 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We downgrade JOYY ( JOYY ) to Hold (from Buy) as the stock has rallied close to our 12-month target price of USD51, which is based on a 9.7x P/E multiple applied to our 2025 EPS forecast of USD5.25. This multiple reflects a ~50% discount to JOYY's ( JOYY ) three-year historical average, which we believe is appropriate given ongoing revenue contraction and persistent declines in MAUs and paying users. Despite the strong balance sheet and recent turnaround in margin, we believe the market may continue to discount JOYY's ( JOYY ) operating business until clearer signs of user stabilization emerge. While we continue to view JOYY's ( JOYY ) transformation as strategically sound, we believe the stock now fairly reflects the earnings recovery already underway. Q1 2025 demonstrated solid execution on cost control, buybacks, and non-livestreaming growth, but topline pressures remain unresolved. However, we believe investors will increasingly demand clear evidence of stabilization before rewarding further multiple expansion.