UPDATE: Deutsche Bank Reiterates Buy Rating, Lowers PT on Sina Corp.
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Sina Corp. (NASDAQ: SINA), but lowered its price target from $64.50 to $57.70.
Deutsche Bank noted, “We attribute Sina's soft 4Q guidance largely to cyclical and one-off factors. Weibo remains structurally under-monetized against its large traffic and Weibo rev growth should significantly drive Sina's earnings growth over the next 2 years. From a valuation perspective, the portal's under-performance and Weibo's outperformance translate to a rev mix shift from a low multiple to a high multiple business. We value the portal at US$14/share or 25% of total TP.”
Sina Corp. closed on Tuesday at $47.00.
Latest Ratings for SINA
|Mar 2016||Summit Research||Terminates||Hold|
|Feb 2016||JP Morgan||Assumes||Overweight|
|Nov 2015||Goldman Sachs||Downgrades||Buy||Neutral|
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.