UPDATE: Jefferies & Company Reiterates Buy Rating, Raises PT on Qihoo 360 Technology Co.

In a report published Friday, Jefferies & Company reiterated its Buy rating on Qihoo 360 Technology Co.

, and raised its price target from $35.00 to $38.00. Jefferies noted, “During Jefferies China TMT tour, we met with Mr. Hongyi Zhou, Qihoo's Chairman, and Mr. Alex Xu, Co-CFO. Mgmt confirmed cooperation with Google, and is developing its own sales network. Search market share should gradually expand. Mobile security and app store are key focuses. Qihoo is preparing a mobile game platform. Mgmt expects no meaningful impact from Baidu's investment in Kingsoft. Reiterate Buy. PT revised up by 9% to USD38.” Qihoo 360 Technology Co. closed on Thursday at $30.50.