UPDATE: Stifel Reiterates Buy, Lowers PT On Qihoo 360 Technology On Launch Of Haosou

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In a report published Tuesday, Stifel analyst George Askew reiterated a Buy rating on
Qihoo 360 Technology Co LtdQIHU
, but lowered the price target from $168.00 to $98.00. In the report, Stifel noted, “Qihoo 360 has officially launched a new independent search engine brand Haosou with a new domain haosou.com, which was formerly known as 360 Search (so.com). Haosou in Chinese means ‘good search'. The new independent brand reflects 360 Search's maturity to the No.2 search engine in China with over 300 million users and over 30% query share according to the company. Qihoo has concurrently launched a new Haosou mobile search app (Android-only) that offers several new functions including Touch and Search. Touch and Search displays search results whenever users touch and select Chinese characters on their mobile screens, saving time compared to the past norm of pasting keywords and switching between apps.” Qihoo 360 Technology closed on Monday at $59.64.
Posted In: Analyst ColorPrice TargetAnalyst RatingsGeorge AskewStifel
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