UPDATE: Nomura Reiterates Buy on SINA Following Results, Weibo Stake Talks
Nomura maintains its view on SINA (NASDAQ: SINA) with a reaffirmed Buy rating and $90 price target.
Nomura said, "Sina‟s 3Q12 results were largely in line with our estimates on the top line; the bottom line beat our estimates on higher-than-expected margins. Weibo accounted for 16% of brand ads revenue in 3Q12. Despite strong momentum of Weibo, the company guided soft for 4Q12F, expecting ads revenue to grow 6-8% y-y. We still have a positive bias on Sina, as Weibo had 424mn users at end-Sep and monetisation was on track, though Sina‟s near-term profit will likely be affected owing to continued spending on Weibo."
SINA closed at $45.07 on Friday.
Latest Ratings for SINA
|Apr 2015||Summit Research||Initiates Coverage on||Hold|
|Mar 2015||Bocom||Downgrades||Long-term Buy||Neutral|
|Jan 2015||JP Morgan||Maintains||Overweight|
© 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.