UPDATE: Nomura Reiterates on Qihoo 360 Technology Following Solid 4Q13 Results

In a report published Monday, Nomura analyst Chao Wang reiterated a Buy rating on

, and raised the price target from $130.00 to $146.00. In the report, Nomura noted, “4Q13 results surprised us by their impressive operating leverage, leading to a 12ppt y-y and 1ppt q-q expansion in non-GAAP operating margins. We believe there will be more room for margin growth in 2014F and 2015F, with increasing monetization of search and mobile. Hence we raise our 2014F/15F non-GAAP operating margins by 4ppt each to 39%/41%, respectively. We also lift our 2014/5F sales by 5%/7% on better-than-expected mobile ad performance. Thus, our new TP is up from USD130 to USD146, implying 32x 2015F P/E (EPS of USD4.5).” Qihoo 360 Technology closed on Friday at $120.79.