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. 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.