Summit Research maintained a Hold rating on Qunar Cayman Islands (NASDAQ: QUNR), and cut the price target to $36.00 (from $50.00), following the company's 2Q15 earnings results. Analyst Henry Guo said that the company reported strong results, ahead of Street's expectations. However, concerns on how sustainable this hotel momentum is, if the company decreases or withdraws this aggressive offline promotion in the future, keeps Guo on the sidelines for now.

Guo commented, "Qunar delivered strong 2Q15 results with both top and bottom ahead of Street expectations and guidance. 3Q15 revenue guidance implies 5%-7% upside to street consensus, excluding impact of merchant model revenue contribution, which is on s gross basis. Margin for the June quarter came in better than we have expected, reflecting spending discipline and scale leverage. We are encouraged by Qunar’s hotel market share gain in the quarter, which was mainly driven by the company’s aggressive offline campaigns. That said, we still have concern how sustainable this hotel momentum is, if the company decreases or withdraws this aggressive offline promotion in the future. As such, we would like to remain on the sidelines for now. We reiterate our HOLD rating on QUNR shares with PT of $36, which represents EV/Sales 3x our 2016 revenue estimates."

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Shares of Qunar Cayman Islands closed at $30.66 yesterday.