UPDATE: Jefferies Lowers PT on Sina Ahead of 2Q13 Results

In a report published Monday, Jefferies analyst Cynthia Meng reiterated a Buy rating on Sina (NASDAQ: SINA), but lowered the price target from $78.00 to $72.00.

In the report, Jefferies noted, “Sina will report 2Q13 results in mid Aug. We expect 2Q13 rev. at mid-point of guidance, earnings above consensus. Our channel checks indicate ads spending within expectation. Mobile time spent cannibalization by WeChat continues but mobile Weibo time spent growth outpaces decline on PC. Weibo has already started placing Taobao/Tmall ads. Maintain Buy with PT revised to USD72 as we factor in change in Sina Weibo's shareholder structure.”

Sina closed on Friday at $66.08.