Jefferies Slashes Estimates and Price Target on SINA (SINA)
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Price: $52.07 -6.58%
Rating Summary:
11 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Rating Summary:
11 Buy, 6 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
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Jefferies lowered estiamtes and their price target on SINA Corporation (NASDAQ: SINA) from $150 to $121 but maintained a Buy rating.
"Our recent checks indicate ongoing Weibo platform upgrade and investment in marketing and promotions is putting more pressure on Sina’s core earnings than we and the Street anticipated," the analyst stated.
The revised down FY11 and FY12 earnings estimates by 51% and 36%, respectively.
Jefferies' revised sum-of-the-part PT is USD121, based on 35x Non-GAAP FY12EPS from the core portal and mobile business, and USD5bn valuation on Weibo.
For more ratings news on SINA Corporation click here and for the rating history of SINA Corporation click here.
Shares of SINA Corporation closed at $77.62 yesterday.
"Our recent checks indicate ongoing Weibo platform upgrade and investment in marketing and promotions is putting more pressure on Sina’s core earnings than we and the Street anticipated," the analyst stated.
The revised down FY11 and FY12 earnings estimates by 51% and 36%, respectively.
Jefferies' revised sum-of-the-part PT is USD121, based on 35x Non-GAAP FY12EPS from the core portal and mobile business, and USD5bn valuation on Weibo.
For more ratings news on SINA Corporation click here and for the rating history of SINA Corporation click here.
Shares of SINA Corporation closed at $77.62 yesterday.
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