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Stock Market Update - Thu Nov 15 09:39:38 EST 2007

Thu Nov 15, 2007 9:39am EST
Citigroup downgrades Buy to Hold. Citigroup downgraded SINA to Hold from Buy and raises their tgt to $52 from $45noting the co delivered another in line qtr on revs and guided revs in line. The firm notes advertising rev growth is stronger - at 40% YoY - but MVAS revs, which are still at ~25% of total revs, are declining at a rapid pace (-26% YoY), and continue to be a drag on growth. The firm says with the shares hovering near $50, near-term growth is insufficient to maintain a Buy.


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