After evaluating Sohu's third-quarter results and fourth-quarter guidance, Jefferies lowered its target price from $19 to $18.70, maintaining a “buy” rating. The bank pointed out that the Sohu brand advertising business performance was weaker than expected, but it was mainly affected by the marketing project schedule, not a decline in advertisers' demand; online game revenue was basically in line with expectations. Although AI skits diverted users' attention, the relevant impact should have been reflected.

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