UPDATE: Stifel Nicolaus Cuts PT to $70 on SINA on Weak Guidance

Stifel Nicolaus reiterated its Buy rating on SINA SINA but reduced its price target from $80 to $70. Stifel Nicolaus said, "Sina is guiding for online advertising growth of 7% y/y in 4Q12 (revenue of $110 million to $112 million), well below our projection of $130 million or 25% growth. In deconstructing the company's 4Q12 online advertising revenue guidance (Portal versus Weibo), we believe the company anticipates a shocking 14% year-over-year decline in portal revenue, and Weibo online advertising revenue of about $21.8 million, up 13% sequentially." SINA closed at $53.10 on Thursday.