UPDATE: J.P. Morgan Reiterates Overweight Rating, Raises PT on Phoenix New Media Ltd. as 3Q Online Ads are Strong, Mobile Ad Monetization Gains Traction

In a report published Thursday, J.P. Morgan analyst Alex Yao reiterated an Overweight rating on

, and raised the price target from $14.00 to $15.00. In the report, J.P. Morgan noted, “3Q results demonstrate that China's media consumption continues to shift from online to mobile, as evidenced by the 400% YoY growth in the iFeng news app's daily active users. In addition, the vehicle of media consumption evolved, with a usage ramp-up in super apps (e.g., Baidu Palm and Tencent Weixin). With the device and channel fragmentation of media consumption, we believe Phoenix New Media will continue to gain usage share given its unique content offering.” Phoenix New Media Ltd. closed on Wednesday at $10.24.