SINA (SINA) PT Raised to $65 at Brean Capital
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Brean Capital analyst Fawne Jiang reiterated a Buy rating and raised his price target on SINA Corporation (NASDAQ: SINA) to $65.00 (from $55.00) following strong 2Q16 results driven by robust growth from Weibo on the back of continued user growth and accelerating monetization while portal business stabilized.
Jiang commented, " As a result, SINA raised its FY2016 revenue guidance to $950mm-1,000mm (9%-15% YoY). Despite macro headwinds, we believe Weibo is well positioned to ride on the new trends of China’s online advertising market in mobile, social and video and will continue to take market share from traditional media. As such, we expect Weibo to maintain the strong monetization momentum in the near term driven by robust growth of SME ads and increasing demand from brand advertisers, while the launch of video and live broadcasting and development of KOL economy should continue enhancing user engagement creating increasing monetization opportunities down the road. As Weibo continues to show a strong growth trajectory and portal stabilizing, SINA’s overall margin should improve with operating leverage from Weibo and cost controls from portal. From an asset perspective, we believe SINA stock is undervalued. Fundamentally, we see the potential improvement in both growth and margin outlook going forward. As such, we reiterate our Buy rating on SINA and raise our target price to $65 from $55."
Shares of SINA Corporation closed at $58.34 yesterday.
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