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Momo Stock Inches Down; Benchmark Raises Target

CapitalWatch Staff 2018-11-19 14:52 PM
Momo Stock Inches Down; Benchmark Raises Target

Benchmark raised its price target for Momo Inc.'s (NASDAQ: MOMO) to $60 per American depositary share by $12 after the company reported on Tuesday its first quarter income surged 60 percent, and earnings per share beat analysts&`#`39; estimates by 19 cents.

Benchmark said that Momo's value-added service continues to show strong growth and that it was seeing progress in the monetization of Tantan, China&`#`39;s popular dating app that Momo recently acquired.

The shares of Momo, one of the top mobile social networking platforms in China, were trading at $43.35 per share, down 3 percent in early trading Wednesday.