UPDATE: Barclays Lowers SINA's PT

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According to a research report published this morning, Barclays has reduced SINA's (NASDAQ: SINA) PT from $70 to $66.Barclays commented in the report, "Following our recent channel checks with advertising agencies, we see relatively cautious ad demand into 2Q12, especially for traditional banner/display ads. This, together with Sina's continued investment into the Weibo monetization effort and increased effort in censorship/monitoring mandates, we expect to lead to higher operating cost in 1H12 than we previously estimated. As a result, we adjust our cost assumption for 1H12 and lower our 2Q12 and FY12E revenue outlook."Barclays maintains its Equal-weight rating on SINA, which closed Friday at $58.25.

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