UPDATE: Jefferies Raises PT on SINA Following 2Q13 Revenue Report

In a report published Tuesday, Jefferies analyst Cynthia Meng reiterated a Buy rating on SINA (NASDAQ: SINA), and raised the price target from $72.00 to $92.00.

In the report, Jefferies noted, “2Q13 rev came in above guidance with both top and bottom line beating consensus and our est. We expect stronger Weibo revenue driven by Alibaba's strategic alliance; softness in portal ads given slow economy and cannibalization by Weibo. We believe Sina is still exploring an effective format for e-Commerce with the introduction of new features for end-users and a Taobao version of Weibo for merchants. Maintain Buy; revise PT up to USD92.”

SINA closed on Monday at $80.35.