UPDATE: Credit Suisse Upgrades SINA Following Solid 3Q13 Net Revenue Report

In a report published Wednesday, Credit Suisse analyst Dick Wei upgraded the rating on SINA Corporation (NASDAQ: SINA) from Neutral to Outperform, and raised the price target from $81.00 to $92.00.

In the report, Credit Suisse noted, “Sina reported 3Q13 net revenue of US$179.9 mn, up 17.8% QoQ and up 21.8% YoY, higher than our estimates of US$178 mn. Diluted adjusted EPS of US$0.42 (up 71.9% QoQ, up 142.6% YoY) was in line with our forecast of US$0.42...Given share price upside, we upgrade Sina to OUTPERFOM. Our STOP-based valuation is US$92. We revised up Weibo valuation to US$4.7 bn from US$4.2 bn. The US$4.7 bn valuation is based on 30x P/E on 2015 Weibo net income of US$158 mn (30% net margin). It also implies valuation of US$39 per MAU.”

SINA Corporation closed on Tuesday at $75.93.