Goldman Sachs Downgrades SINA Corporation (SINA) to Sell, Sees 26% Downside

Goldman Sachs downgraded SINA Corporation (NASDAQ: SINA) from Neutral to Sell citing unfavorable risk-reward. The price target was raised from $78 to $105, suggesting 26% downside.

The analyst believes the stock is now being mainly driven by expectations that Weibo will evolve from a social media into a fully fledged social network, which they say will be "challenging."

"In our new analysis, we believe the most likely outcome is for Weibo to become an alternative loosely-engaged social network weighted toward its distinctive social media elements, and for Tencent Pengyou to become the dominant social network in China by leveraging its much larger QQ community and more developed platforms."

For more ratings news on SINA Corporation click here and for the rating history of SINA Corporation click here.

Shares of SINA Corporation closed at $142.83 yesterday.

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