Summit Research Raises Price Target on Sina Corp (SINA) Following 2Q15 Results
Summit Research reiterated a Hold rating on SINA Corporation (NASDAQ: SINA), and raised the price target to $42.00 (from $39.00), following the company's 2Q15 earnings results. EPS came in ahead of street expectations at $0.06. Revenue was also reported ahead of consensus at $213.6M.
Analyst Henry Guo commented, "Sina reported 2Q15 with revenue well above consensus. EPS came in 8c ahead of street expectations, thanks largely to top-line upside and leverage in the model. Strong mobile growth momentum is offset by challenging legacy portal business, suggesting the company’s initiative of revitalizing its portal business is still at the very early stage. In addition, difficult macro-environment also negatively impacts the business. Near term, we don’t see potential positive catalysts and believe SINA shares likely bound trade between $35 and $45. We maintain our HOLD rating but raise PT from $39 to $42."
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Shares of SINA Corporation closed at $38.92 yesterday.