Qihoo 360 (QIHU) CFO Sees 2nd-Half Ad Rebound Driven By New Product Launch

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Jefferies commented on Qihoo 360 Technology (NYSE: QIHU) after meeting with CFO Alex Xu in Beijing.

Xu noted that 2Q12 ads outlook remains weak due to the macro slowdown and advertisers’ cautious spending, with flattish sequential pricing but continued strong traffic growth. However, management expects stronger 2H12 ads revenue growth, driven by both delayed advertiser spending of FY12 budgets and planned new product launch initiatives.

Upcoming personalized recommendation products should help drive significant ads inventory, increase customer additions, leading to a shift in pricing from time-based to performance-based (cost-per-click and transaction), it was noted.

The firm maintained their Buy rating and price target of $37 on QIHU.

For an analyst ratings summary and ratings history on Qihoo 360 Technology click here. For more ratings news on Qihoo 360 Technology click here.

Shares of Qihoo 360 Technology closed at $19.78 yesterday, with a 52 week range of $13.71-$26.35.

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