Market Overview

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

Related FENG
Pheonix New Media Announces Increasement in Advertising Caps for Lilita Contract
Earnings Scheduled For March 8, 2016

In a report published Wednesday, Morgan Stanley analyst Philip Wan reiterated an Equal-Weight rating on Phoenix New Media Ltd. (NYSE: FENG), 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.

Latest Ratings for FENG

Nov 2015MacquarieMaintainsNeutral
Nov 2015MacquarieDowngradesNeutral
Jan 2015Deutsche BankDowngradesBuyHold

View More Analyst Ratings for FENG
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Posted-In: Morgan Stanley Philip WanAnalyst Color Price Target Analyst Ratings


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