UPDATE: Jefferies Upgrades Sina Corp. to Buy, Raises PT on Alibaba Alliance Announcement

In a report published Tuesday, Jefferies analyst Cynthia Meng upgraded the rating on Sina Corp.

from Hold to Buy, and raised the price target from $50.00 to $75.00. In the report, Meng noted, “Sina announced today a strategic alliance with Alibaba, which is paying USD586mn for an 18% stake in Sina Weibo, with an option to increase its stake in Weibo to up to 30% at a future date. The alliance is expected to generate at least USD380mn in ad revenue over the next three years, in addition to explore new ways to monetize from social commerce, mobile, & social media. Upgrade to BUY from Hold, PT revised up 50% to USD75.” Sina Corp. closed on Monday at $55.03.