Qihoo (QIHU) Confirms Cooperation With Google (GOOG)

January 18, 2013 2:51 PM EST
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Analysts at Jefferies recently met with mangers at Qihoo 360 Technology Co (NYSE: QIHU). According to statement made by Qihoo's chairman Hongyi Zhou and Co-CFO Alex Xu, Qihoo confirmed cooperation with Google (Nasdaq: GOOG).

The cooperation involves Google's ad system accessing into Qihoo search. Qihoo is also expanding its sales network. According to statements, management expects the two monetization models to co-exist for a long time.

Jefferies analyst Cynthia Meng said she expects search market share to expand gradually with the formalized cooperation with Google.

Jefferies reiterated a Buy rating on Qihoo 360 Technology and raised its price target to $38.00 (from $35.00).

For an analyst ratings summary and ratings history on Qihoo 360 Technology (NYSE: QIHU) click here. For more ratings news on Qihoo 360 Technology click here.

Shares of Qihoo 360 Technology closed at $31.83 yesterday.

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