UPDATE: Morgan Stanley on Sina on In-Line 4Q Sales

In a report published Tuesday, Morgan Stanley analyst Philip Wan reiterated an Equal-Weight rating on

, but removed the $82.00 price target. In the report, Morgan Stanley noted, “Total net revenues grew 42% YoY to US$197.0mn, within its guidance and in-line with our forecast. Driven by growing monetization in Weibo, ad sales increased 45% YoY to US$160.1mn (vs. guidance of US$160-162mn). Non-GAAP non-ad sales (excluding sales related to CRIC) grew 36% YoY to US$32.2mn, (vs. guidance of US$30-32mn), helped by higher Weibo VAS sales (e.g. data licensing, games, and membership). In 4Q, Weibo generated US$71.4mn revenues (+34% QoQ and +151% YoY) with US$56.0mn from ad (+163% YoY and accounted for ~36% of Sina's total ad sales).” Sina Corporation closed on Monday at $76.08.