Deutsche Bank Downgrades Sohu.com (SOHU) to Sell
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Deutsche Bank downgrades Sohu.com Inc (Nasdaq: SOHU) to Sell.
Deutsche analyst says, "Sohu has succeeded in its spin-off of gaming affiliate Changyou, but we fear growth expectations of both on-line ads and games implied in Sohu's current share price could prove too optimistic. Downgrade to SELL on valuation grounds...We cut '09 Non-GAAP EPS to US$3.85 (from US$4.68). We derive our TP of US$39 from a 0.7x PEG (cut from 0.8x) and 15% 10-11 earning CAGR. Upside risks incl better-than-expected online ad performance, operation efficiencies post spin-off, and performance of DMD in 2H09."
Sohu.com Inc. (Sohu) is an Internet company in China, providing Chinese with news, information, entertainment and communication.
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Comments
sohu vs. baidu
sohu projects .98 a qtr vs. baidu at .74 a qtr yet baidu is at 200$ and sohu is at 50$ with a ipo of cyou at 27$ wat gives
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re: sohu vs. baidu
mmh on Apr 30, 2009 01:34 PMAgreed their valuation seems awfully low. Baidu trades at 4X P/E of sohu and 3X P/Sales. Seems like a no-brainer to buy sohu.