Maxim Group Reiterates Sell Rating, $44 PT on Sina Corp. on Reduced Estimates

In a report published Wednesday, Maxim Group reiterated its Sell rating and $44.00 price target on Sina Corp.

. Maxim Group noted, “Last night SINA reported 4Q12 earnings. Total revenue was $134.4M, in-line with our estimate and consensus. Non-GAAP EPS was $0.13, higher than our estimate and consensus of $0.06, mainly due to less than expected cost of revenue, sales & marketing and G&A expenses. 1Q13 revenue guidance was in-line with consensus estimate but 7% below our estimate, representing 21% y/y growth but 14% q/q decline, both matrices improved from a year ago.” Sina Corp. closed on Tuesday at $53.48.