Goldman Sachs Reinstates SINA Corporation (SINA) at Buy

Goldman Sachs reinstated coverage on SINA Corporation (NASDAQ: SINA) with a Buy rating and a price target of $63.00.

Analyst Piyush Mubayi said, "Sina is trading at 43% below estimated NAV after declining 43% YTD (vs. NASDAQ -2%). Based on Weibo’s current market cap, the discount is 26%. We believe the discount is due to uncertainty around Sina’s use of its US$1.8bn net cash following Weibo’s IPO, as well as recent concerns over operating licenses for Internet publication and audio-visual content transmission. To reflect these risks, we apply a 25% holdco discount to our NAV to arrive at our target price. We do see favorable risk-reward at current levels, however, and expect the ongoing buyback and Weibo’s positive outlook in coming quarters to drive rerating."

For an analyst ratings summary and ratings history on SINA Corporation click here. For more ratings news on SINA Corporation click here.

Shares of SINA Corporation closed at $48.63 yesterday.

You May Also Be Interested In

• Amazon.com (AMZN) PT Raised to $215 at UBS
• Meta Platforms Inc. (META) PT Lowered to $575 at UBS, 'shares are offering a 3-to-1 skew'
• Keurig Dr Pepper (KDP) PT Raised to $39 at Jefferies