Piper Jaffray Raises Their Price Target on SINA (SINA) to $69; Maintains Buy
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Piper Jaffray Raises their price Target on SINA (NASDAQ: SINA) from $58 to $69 and maintains their Buy rating.
Analyst Gene Munster said, "SINA beat estimates and raised June revenue guidance by 9%. For the March quarter, we note that the reported $0.33 in earnings does benefit from the $2.7m foreign exchange gain (~3 cents) and income tax provision at an effective tax rate at 18% instead of 25% (~3 cents). With that said, we continue to expect strong Jun and Sep quarters driven by Olympic ads. Looking post-Olympics, we expect a 5% sequential decline in Dec quarter and 20% overall growth in 2009."
SINA Corporation is a leading online media and value-added information service provider for China.
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