Avery Schumer
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Avery Schumer in Sector Report,

21% Upside Seen In Phoenix New Media Shares

JPMorgan assumed coverage of Phoenix New Media Ltd ADR  with an Overweight rating and $4.30 price target, saying that the market is not considering the potential upside from Yidian, an interest-based news and information app invested in by FENG.

Despite the shift in PC traffic to mobile, FENG's online ad revenue has generally stabilized in 2016 and is expected to gradually recover from 2017 as the company is raking in more mobile revenues. JPMorgan expects mobile to account for 44 percent/52 percent of total ad revenue in 2016/17.