UPDATE: Jefferies Upgrades Qihoo 360 Following 2Q13 Revenue/Earnings Beat

In a report published Tuesday, Jefferies analyst Cynthia Meng upgraded the rating on Qihoo 360 Technology Co. Ltd. (NYSE: QIHU) from Hold to Buy, and raised the price target from $49.00 to $100.00.

In the report, Jefferies noted, “2Q13 rev and earnings beat both Street and our est. 3Q13 rev guidance range is 13-15% above consensus. Top line growth was driven by accelerated monetization in performance-based ads, search, and mobile games. We revised up FY13 total revenues by 14%, non-GAAP OP margin up by 3.5pcpt to 28.3%. Monetization of search ads and games on both PC and mobile has potential for upside surprises. Upgrade to Buy. PT revised up by 104% to USD100.”

Qihoo 360 Technology Co. Ltd. closed on Monday at $78.80.