Chinese Social Media Stocks Getting A Ton Of Likes From Investors Today
While there is no compelling news out on Momo, Weibo received a reiterated Buy rating From T.H. Capital Friday, Insider Monkey reports. The T.H. Capital analyst also lifted their price target to $60 from $38.
Shares of Momo may be moving as a sympathy or peer play. Credit Suisse recently initiated coverage on Momo with an Outperform rating and a $29 price target, implying about 14.5 percent upside.
These stocks may also be getting a boost from pent-up demand, as the Chinese markets were closed last week for the nation's seven-day "Golden Week" holiday.
In Monday's early afternoon trading, Weibo stock was valued at $55.05 per share, with Momo trading hands at $25.31, up 6 and 7 percent, respectively, from where they closed Friday.
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