Market Overview

UPDATE: Morgan Stanley Reiterates On Phoenix New Media Ltd. Following Solid 1Q Results

Related FENG
Phoenix New Media Announces The Appointments Of CMO And CTO
Televisa Lags on Q1 Earnings and Revs - Analyst Blog

In a report published Tuesday, 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 27% YoY to Rmb357mn, ~2% above the high-end of its guidance (Rmb340-351mn). Non-GAAP operating margin (excluding SBC) improved 390bps YoY to 15.1%, thanks to operating leverage. Diluted EPS grew 61% YoY to Rmb0.80 (US$0.13), partly due to the one-off disposal gain (Rmb17.7mn) related to Phoenix FM.”

Phoenix New Media Ltd. closed on Monday at $9.19.

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

 

Related Articles (FENG)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters