UPDATE: Bank of America Lowers Sina's PO

According to a research report published this morning, Bank of America has lowered Sina's

PO from $71 to $64. Bank of America commented in the report, "Although we reduce 12/13E estimates after 1Q12 results to factor in continuous margin pressure from investment in Weibo, we are pleased to see the company is on track in developing various monetization systems on Weibo. It had 50 large brand advertisers test its display ad system, and plans to test its self-service ad system in 4Q12 to address the market of smaller enterprises. It is also improving its corporate account management system that has extra features for the 160K corporate accounts, which can evolve into a revenue model." Bank of America maintains its Neutral rating on Sina, which closed yesterday at $51.68.