UPDATE: Maxim Group Upgrades Youku Tudou to Hold Following Weak 1Q13 Results, 2Q13 Rebound

In a report published Thursday, Maxim Group analyst Echo He upgraded the rating on Youku Tudou

from Sell to Hold, but removed the price target. In the report, He noted, “Lackluster 1Q13 results followed by a 2Q13 rebound. 1Q13 revenue was $83.1M, in-line with our estimate and 1% higher than consensus, representing 21% y/y growth on a pro forma basis but a 19% q/q decline. 1Q13 revenue GAAP EPS loss was ($0.23), in-line with our estimate and one cent lower than consensus. On the other hand, 2Q13 revenue was guided at $116M-$124M (RMB720M-RMB770M), 3% higher than our estimate and 12% higher than consensus, representing 36% y/y on a pro forma basis and 47% q/q growth.” Youku Tudou closed on Wednesday at $21.18.