Citigroup Sees Qihoo 360 Tripling Mobile Revenue In 2014

In a report dated July 24, Citigroup analyst Thomas Chong assumed coverage of Qihoo 360 Technology QIHU with a Buy rating and a $114.10 price target.

Chong commented, "Qihoo demonstrates strong execution in monetization through PC search and mobile app stores with a focus in the China Market."

Chong believes that the company will be able to provide a one-stop search service to PC and Mobile advertisers through its formulated multi-channel strategy.

Looking ahead, Chong expects the company to capture market share in the high single-digits in terms of revenue in 2015.

Turning to mobile, he is looking for the company to more than triple revenue in 2014, hitting $289 million, driven by mobile game.

Following the release of the note, shares of Qihoo are up 4.9 percent at $100.35.