UPDATE: Barclays Capital Reiterates Lowers PT on Sina Corp. on Improving Margins

In a report published Wednesday, Barclays Capital reiterated its Overweight rating on Sina Corp.

, but lowered its price target from $72.00 to $69.00. Barclays Capital noted, “We maintain our OW rating and lower our 12-month PT slightly to US$69 as we revise our estimates. While Sina guided 1Q13 revenues in line with expectation, it sounded positive and confident on generating return from its Weibo investment this year. Together with strategic investment in its mobile portal business, potential further revenue opportunities from video and blog business on its portal as well as an overall rebound of advertising sentiment, 2013 could prove to be a better year of return for Sina with improving margins. Additional upside could come from better-than-expected traction from its news feed and self-serve ad platform for SMEs and possible business collaboration with bigger platform partners.” Sina Corp. closed on Tuesday at $53.48.