Citi lowered the firm’s price target on Sohu.com (SOHU) to $17 from $18 and keeps a Buy rating on the shares. The company reported better than expected Q results due to outperformance in online games, the analyst tells investors in a research note. Management commented the macro environment remains soft and expects the second half of 2025 ad spend budget to remain cautious, Citi points out. The firm cites Sohu.com’s “below-cash valuation and repurchase support” for its Buy rating.

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• Sohu.com Reports Q1 2025 Financial Turnaround with Significant Tax Benefit