Mirae Asset Reiterates Hold on Sina, Raises PT to $125

Mirae Asset reiterated its Hold rating on Sina

. At the same time, Mirae Asset raised its price target on the company's stock to $125. In a research report published today, Mirae Asset states, "We expect SINA Weibo's monetization to remain a drawn-out process but in the next three months SINA will be launching a comprehensive Weibo upgrade that will make it a more monetizable platform, in our view. Strengthening of the Weibo Group (微群) and introduction of Qing Weibo (轻微博) will weaken Weibo's content flow, paving the way for third- party apps to be included. Launching Q-Weibo and social games could have wide user appeal, but monetization will likely be small initially. We raise our TP to US$125 and maintain HOLD." On Thursday, Sina added 4.28% to its value to close the day at $125.14. Its shares continued their winning streak in today's pre-market trading, rising 0.53% to $125.80.