UPDATE: Stifel Reiterates Buy Rating, Raises PT on Qihoo 360 Technology Co. Ltd. Following 2Q13 Beat and Raise

In a report published Monday, Stifel analyst George Askew reiterated a Buy rating on

, and raised the price target from $55.00 to $100.00. In the report, Stifel noted, “The remarkably strong growth continues at Qihoo as the company soundly beat 2Q13 estimates with revenue growth of 108% year-over-year and adjusted EBITDA growth of 142% year-over-year. The rapid growth included online advertising up 78% and Internet value-added services (mostly web and mobile game platforms) up 181%. Adjusted EBITDA margins expanded 580bps year-over-year to 42.3%, the highest level in two years but probably an unsustainable level as the company continues to invest. Revenue guidance for 3Q13 suggests consensus must rise about 12%. We are introducing 2015 projections and increasing our target price on Qihoo to $100 per share.” Qihoo 360 Technology Co. Ltd. closed on Friday at $73.13.