Market Overview

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

Related FENG
Top 4 Small-Cap Stocks In The Internet Information Providers Industry With The Highest Profit Margin
Phoenix New Media Announces Strategic Investment In Personalized News Feed Application Yidian

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

DateFirmActionFromTo
Nov 2014JP MorganMaintainsOverweight
Aug 2014MacquarieMaintainsOutperform
Nov 2013JP MorganMaintainsOverweight

View More Analyst Ratings for FENG
View the Latest Analyst Ratings

Posted-In: Morgan Stanley Philip WanAnalyst Color Price Target Analyst Ratings

 

Related Articles (FENG)

Around the Web, We're Loving...

Get Benzinga's Newsletters