UPDATE: Morgan Stanley Reiterates on Phoenix New Media Ltd. Following 4Q13 Results

In a report published Wednesday, Morgan Stanley analyst Philip Wan reiterated an Equal-Weight rating on

, but removed the $10.20 price target. In the report, Morgan Stanley noted, “Total net revenues grew 32% YoY and 18% QoQ to Rmb400mn, 6% above our forecast and better than company guidance (Rmb368-378mn). Diluted EPS jumped 203% YoY to Rmb1.07, 70% above our estimates due to operating leverage. Ad sales grew 37% YoY, 6% better than our estimate and the company's high-end guidance, driven by expansion in both advertiser volume and ARPA (average revenue per advertiser) by 9% and 25%, respectively. According to the company, its strategies in vertical expansion and hosting high-profile offline media events helped deepen its user penetration for portal with daily visitors growing 23% YoY to ~40mn.” Phoenix New Media Ltd. closed on Tuesday at $11.35.