In a report published Monday, Stifel analyst George Askew downgraded the rating on iDreamSky Technology Ltd. (ADR) (NASDAQ: DSKY) from Buy to Hold, and removed the $27.00 price target.
In the report, Stifel noted, "We are downgrading the shares of iDreamSky from Buy to Hold as the company preannounced a significant decline in revenue expectations for 4Q14 and 1Q15. We believe game concentration played a role in the shortfall, a risk we have highlighted previously. Management credibility suffers with this preannouncement in our view, in part due to the preannouncement a full 72 days after quarter-end, and releasing the news near midnight ET on a Friday. iDreamSky is scheduled to report 4Q14 results on March 23, 2015 before the market open and host a conference call at 8am ET."
iDreamSky Technology Ltd. (ADR) closed on Friday at $10.82.
Latest Ratings for DSKY
| Mar 2015 | Stifel Nicolaus | Downgrades | Buy | Hold |
| Sep 2014 | Piper Jaffray | Initiates Coverage on | Overweight | |
| Sep 2014 | Stifel Nicolaus | Initiates Coverage on | Buy |
View More Analyst Ratings for DSKY
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