Citi Upgrades SINA Corp. (SINA) to Buy
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Citi upgrades SINA Corp. (Nasdaq: SINA) from Hold to Buy. Price target increased from $42 to $65.
Citi analyst says, "Sina is the leading Brand Advertising portal in an industry that we expect to grow by ~50% in 2008E and 25% in 2009E. Specifically, advertising revenues will benefit from the Euro Cup in 2Q08 and Olympics in 3Q08. In addition, the MVAS business has improved nicely with the regulatory environment becoming more stable. With the overall demand outlook remaining strong through 2009E-10E, the growth story is back for Sina."
SINA Corporation (SINA) is an online media company and value-added information services (VAS) provider in the People's Republic of China (the PRC or China) and for Chinese communities worldwide.[SM]
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