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Sohu.com (SOHU) Spikes as Analysts Bullish on SINA Corp. (SINA)
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Shares of Sohu.com (Nasdaq: SOHU) are seeing substantial upside today despite no company specific news items. Sohu most recently traded up about $6, or 8%, to $81.91, and just hit a new 52-week high at $82.09 about an hour before the market close.
Investors may be reacting to several bullish notes on a Sohu competitor, SINA Corp. (Nasdaq: SINA). Analysts at Goldman Sachs and Piper Jaffray both put out positive research notes this morning reiterating their Buy ratings on SINA ahead of the company's Q1 earnings, which are expected out Wednesday. Goldman said they see "meaningful upside" to SINA's earnings, while Piper sees in-line Q1 earnings with slightly raised guidance. Goldman and Piper have $50 and $58 price targets on SINA, respectively, which is trading around $50.80 today, up about 6% from yesterday's close.
As Sohu has been a popular Chinese momentum play and has seen its stock price double since mid-March, Sohu's short interest has increased recently, suggesting that today's move could be getting intensified by short covering. At the beginning of May, Sohu had about 23% of its float shorted as bearish investors have been waiting for a correction in this volatile stock.
Elsewhere in the sector, Baidu.com (Nasdaq: BIDU) is also surging today and is up nearly $20, or 5.7%, to $365. [BCS]
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