UPDATE: Stifel Reiterates Buy Rating, Raises PT on SINA Corporation Following Strong 2Q13 Results

In a report published Tuesday, Stifel analyst George Askew reiterated a Buy rating on SINA Corporation SINA, and raised the price target from $80.00 to $100.00. In the report, Stifel noted, “SINA reported 2Q13 results that were the strongest in several years and topped expectations fueled by rapid growth at Weibo. SINA non-GAAP revenue growth topped 20% and adjusted EBITDA more than doubled. Weibo revenue climbed 167% y/o/y and 46% sequentially including both online advertising and value-added services; Weibo now represents almost 25% of total SINA revenue. The company provided upbeat 3Q13 guidance suggesting 2H13 acceleration. The promise of Weibo monetization is twofold: drive SINA revenue growth higher, and improve SINA profit margins by slowing the growth in Weibo investment spending. We expect both trends to continue. Importantly, the company's 3Q13 guidance is for non-GAAP revenue growth of 19% to 22%.” SINA Corporation closed on Monday at $80.35.