UPDATE: Pacific Crest Upgrades Sina Corporation to Outperform, Announces $88.00 PT

On Monday, Pacific Crest upgraded shares of Sina Corporation

from Sector Perform to Outperform and announced a $88 price target. Analyst Cheng Cheng admires the company's equity investment portfolio, which includes Weibo, E-House

, Youku Tudou

, Alibaba, and 9158.com. The analyst expects shares of Sina to gain to catch up with underlying asset values. The Weibo and Leju IPOs should help close gap. According to Cheng, the Street is undervaluing Weibo's effect on shares of Sina. Shares are up 2.3 percent to $60.34 in Monday's trading, but down 28 percent in 2014.