Deutsche Bank Downgrades Phoenix New Media Limited (FENG) to Hold

August 29, 2012 3:02 PM EDT
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Price: $3.39 --0%

Rating Summary:
    3 Buy, 1 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Deutsche Bank downgraded Phoenix New Media Limited (NYSE: FENG) from Buy to Hold with a price target of $4.30 (from $11.80).

The firm comments, "Our recent channel checks suggest brand ad spend is shifting away from Phoenix New Media (PNM) towards market leaders such as Sina. As a newcomer in China's online portal market, competitive pricing and reasonable coverage make Phoenix New Media a good supplement to large brand advertisers in a benign market environment. However, the current macro slowdown causes advertisers to cut brand ad spend on new platforms and shift budgets to market leaders. Given this trend and our reduced earnings outlook, we downgrade PNM from Buy to Hold."

For an analyst ratings summary and ratings history on Phoenix New Media Limited click here. For more ratings news on Phoenix New Media Limited click here.

Shares of Phoenix New Media Limited closed at $3.89 yesterday.

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