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

In a report published Tuesday, Morgan Stanley analyst Philip Wan reiterated an Equal-Weight rating on Phoenix New Media Ltd. 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.