Jefferies Cuts Price Target on SINA (SINA) Ahead of Q4, Maintains Buy Rating

Jefferies cut its price target on SINA Corporation (NASDAQ: SINA) from $128 to $113 ahead of Q4 results while maintaining a Buy rating.

The firm comments, "We are previewing 4Q11 results: revenue of US$130mn, +24% YoY, in line with guidance, driven by healthy ads demand from online services & FMCG. We expect FY12 ads growth to decelerate to 23%, in line with slower portal ads growth. Moderating Weibo costs to drive margin recovery in FY12. Maintain Buy, PT tweaked down 12% to USD113 to reflect updated valuation for Weibo."

For an analyst ratings summary and ratings history on SINA Corporation click here. For more ratings news on SINA Corporation click here.

Shares of SINA Corporation closed at $65.14 yesterday, with a 52 week range of $46.86-$147.12.

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