UPDATE: Stifel Downgrades iDreamSky Technology On Big Revenue Miss

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.