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Investors Optimistic on Prospects for Qihoo Deal with Sugou; Maxim Boosted QIHU Target to $72

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Shares of Qihoo 360 Technology (NASDAQ: QIHU) are outperforming the broader stock market Tuesday afternoon, likely on the heels of a positive note from Maxim's Echo He earlier this morning. The stock last traded at $62.28, up more than 2.5 percent from Monday's close.

The Maxim analyst boosted his price target on the stock from $48 to $72 well in advance of the company's quarterly results, expected out the week of August 18th. The current Wall Street consensus for Qihoo's second quarter sits at $0.26 for EPS on sales of around $143 million.

He believes there is a "good chance of success" for a deal between Qihoo and Sohu.com (NASDAQ: SOHU) related to Sogou. With the addition of Sogou, the analyst suggested Qihoo's search traffic could hit 20 percent, effectively threatening Baidu (NASDAQ: BIDU).

Maxim maintains a Buy rating on shares of Qihoo.

The analyst's new price target represents potential upside of about 16 percent from where the stock is currently trading.

Latest Ratings for QIHU

DateFirmActionFromTo
Dec 2014JP MorganDowngradesOverweightNeutral
Nov 2014Credit SuisseUpgradesNeutralOutperform
Aug 2014Credit SuisseDowngradesOutperformNeutral

View More Analyst Ratings for QIHU
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