UPDATE: J.P. Morgan Initiates Coverage on Qihoo 360 on Traffic Leader Position
In a report published Friday, J.P. Morgan analyst Alex Yao initiated coverage on Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) with an Overweight rating and $94.00 price target.
In the report, J.P. Morgan noted, “Initiating coverage on Qihoo with an Overweight rating and a Jun-14 PT of USD94. Qihoo has formed large traffic platforms across both PC and mobile. The company is shifting revenue models towards scalable ones (e.g. CPC/CPS ads, keyword search, game publishing, etc) that better utilize its still growing large traffic base. We think the growth China Internet economy across both PC and mobile will drive Qihoo's revenue growth over the next few years.”
Qihoo 360 Technology Co. Ltd. closed on Thursday at $79.46.
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