UPDATE: Maxim Group Reiterates Buy Rating, Lowers PT on Qihoo 360 Technology Company
In a report published Friday, Maxim Group reiterated its Buy rating on Qihoo 360 Technology Company (NYSE: QIHU), but lowered its price target from $24.00 to $21.00.
Maxim Group noted, “Our channel checks show that QIHU's self-developed search engine is the default tool of online video search in its main web directory and almost all of the search in its secondary directories, including movies, online games, online shopping and lotteries. In our view, developing search may help the company capture additional web traffic that may not have been captured by QIHU's directories, and QIHU's large customer base creates search value to advertisers. That said, we do not expect search to become a material contributor to QIHU in the near term.”
Qihoo 360 Technology Company closed on Thursday at $14.63.
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