Analyst Reiterates Sell on Sina (SINA) Following Friday's 12% Move Higher
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Price: $43.26 --0%
Rating Summary:
9 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
Rating Summary:
9 Buy, 14 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 8 | Down: 5 | New: 26
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Following a more than 12 percent surge on Friday, shares of Sina (Nasdaq: SINA) are mostly hanging onto those gains Monday despite a bearish note on the company from Maxim's Echo He earlier.
The analyst believes recent upside was due to "market excitement" related to the Facebook IPO (expected out on Wednesday of this week) and positive data out of China. He reiterated a Sell rating on Sina shares, saying Weibo will likely disappoint. He argues fundamentals and Weibo's high valuation have not changed in light of the increased activity surrounding the sector.
He lifted his price target on Sina shares from $45 to $55 with the note this morning.
With shares of Sina down 0.4 percent to $69.65 at last check, Maxim's new price target implies potential downside of about 21 percent.
To track all the market-moving analyst action on shares of Sina, visit our Analyst Ratings page.
The analyst believes recent upside was due to "market excitement" related to the Facebook IPO (expected out on Wednesday of this week) and positive data out of China. He reiterated a Sell rating on Sina shares, saying Weibo will likely disappoint. He argues fundamentals and Weibo's high valuation have not changed in light of the increased activity surrounding the sector.
He lifted his price target on Sina shares from $45 to $55 with the note this morning.
With shares of Sina down 0.4 percent to $69.65 at last check, Maxim's new price target implies potential downside of about 21 percent.
To track all the market-moving analyst action on shares of Sina, visit our Analyst Ratings page.
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