Deutsche Bank Starts Phoenix New Media Limited (FENG) at Buy; Growth in Advertisers, Rate Card, Driving Strong Growth

Deutsche Bank initiates coverage on Phoenix New Media Limited (NYSE: FENG) with a Buy. PT $14.88.

Deutsche analyst says, "We see in Phoenix New Media attributes that are likely to serve this new media platform well, such as a proven premium service with demonstrable subscription behaviors from subscribers, the ownership of key content in an era of surging costs, and exposure to key emerging paradigms such as mobile. We launch with a Buy in appreciation of strong, advertising-led earnings growth...We view Phoenix New Media’s on-line ad business as a major driver of growth. We forecast 123% YoY growth in 2011, and 92% in 2012, as advertiser #’s surge from 500 in 2010 to nearly 900 in 2012."

For more ratings news on Phoenix New Media Limited click here and for the rating history of Phoenix New Media Limited click here.

Shares of Phoenix New Media Limited closed at $8.76 yesterday.

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