UPDATE: Citigroup Initiates YY at Buy; Unique Social China Play - JOYY (NASDAQ:YY)

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.

Citigroup initiated coverage on YY (NASDAQ: YY) with a Buy rating (High Risk) and a $22.40 price target. Citigroup said, "YY is a globally unique social communication and engagement platform in China that facilitates real-time online group activities via voice, text and video, allowing users to create and organize groups of varying size to participate in a wide range of online group activities such as karaoke, online games, music and other live performance dynamics. We project CAGR growth (‘11-14E) of 91% for revenues and 117% for non-GAAP NI. Catalysts to come from KPI outperformance, education monetization, mobile scaling. Our DCF-based target price of US$22.4, while appearing rich on PE (29x ‘13E), looks well supported by an implied PEG of 0.5x."YY closed at $13.65 on Thursday.

Crypto Whales Are Loading Up — Are You?

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!