UPDATE: Deutsche Bank Reiterates Buy Rating, Raises PT on Sina Corp. on Improving Margin Outlook
In a report published Wednesday, Deutsche Bank reiterated its Buy rating on Sina Corp. (NASDAQ: SINA), and raised its price target from $57.70 to $63.30.
Deutsche Bank noted, “Sina's 4Q results demonstrate Weibo monetization is on track and that fee-based services are complementary to ads revenue. As a result, margin pressure from Weibo declined, as Weibo revenue ramped up. We believe this trend will continue to play out in 2013, leading to a significant margin improvement over the next 12 months. Buy on potential earnings upside in 2013.”
Sina Corp. closed on Tuesday at $53.48.
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