Joyy is set to benefit from JPMorgan's recent upgrade, which reflects confidence in the company's ability to deliver substantial returns to shareholders. The investment bank raised its price target from $35 to $98, suggesting a 33% upside from the stock's recent closing price.
Analyst Daniel Chen noted that Joyy's share price has outperformed other publicly traded Chinese internet companies since January 2025, largely due to its commitment to shareholder returns. The company has implemented a policy aiming for a 15% annual return, which could attract more U.S. investors and further enhance its stock price.
Joyy holds a strong financial position with $3.2 billion in net cash, representing 84% of its market cap, and generates significant cash flow, allowing it to sustain shareholder returns beyond 2028. Additionally, growth in advertising across its platforms, particularly Bigo Ads, is expected to contribute to further stock price increases.
With 12 out of 14 analysts rating Joyy as a buy or strong buy, the stock has already seen a 46% increase over the past year and gained over 2% in premarket trading following the upgrade