Deutsche Bank Upgrades SINA Corporation (SINA) to Hold

Deutsche Bank upgraded SINA Corporation (NASDAQ: SINA) intra-day from Sell to Hold and raised their price target from $54 to $98.

The firm states, "We upgrade Sina to Hold and raise our target price from US$54 to US$98 as part of our shift from a three-year earnings CAGR model to SOTP. We assign a value of US$1.7bn to Sina Weibo vs. US$300-400m previously, having become more confident of Weibo's sustainability and monetization visibility. We believe the usage shift to social media from print media and more traditional online media is inevitable. Sina will likely benefit from this growing trend. We believe the growing Weibo user base paves the way for monetization over the next several years."

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 $108.76 yesterday.

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