In a report published Wednesday, Nomura analyst Jin Yoon reiterated a Neutral rating on Sohu.com SOHU, and raised the price target from $49.00 to $60.00.
In the report, Nomura noted, “Sohu reported 2Q13 results largely in line with our estimates, with top line driven by better-than-expected revenue in brand ads, while ARPU continued to drive gaming growth. We believe Sohu's video business has turned the corner and contributed to the solid brands ads performance in the quarter and the positive outlook for 3Q13F. Sogou has likely been negatively impacted by the rising competition in the search market. We believe shares of Sohu have been trading at a premium due to media speculation on competitors' potential acquisition of Sogou. We maintain our Neutral rating and lift our TP to USD60.0.”
Sohu.com closed on Tuesday at $62.86.
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