Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
Continuous weakness in auto sales is likely to limit OEM ad spending across all channels, which adversely impacts Autohome Inc’s (NYSE:ATHM) growth outlook, according to Benchmark.
The Analyst
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
Benchmark’s Fawne Jiang downgraded Autohome from Buy to Hold.
The Thesis
Auto dealers in China witnessed substantial pressure in 2Q 2019 and have continued to suffer deteriorating profitability due to macro environment challenges, Jiang said in the note. He added that the uncertainties around dealer growth could increase in the near to intermediate term.
Autohome’s margins could come under pressure as the company may be compelled to absorb more costs in an effort to help its OEM and dealer partners, Jiang mentioned. He explained that while this strengthens Autohome’s long-term relationships, it casts clouds over the company’s earnings outlook.
The analyst reduced the EPS estimates for FY2019 and FY2020 to $4.20 and $4.57, respectively.
Price Action
Shares of Autohome traded around $82.04 on Friday.
Related Links:
Benzinga's Top Upgrades, Downgrades For July 19, 2019
26 Stocks Moving In Wednesday's Pre-Market Session
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.