Sina Corp. Climbs Most in 8 Months on Susquehanna Upgrade
Chinese Internet media company Sina Corp. rose the most in eight months in New York after Susquehanna upgraded the shares to “positive” from “neutral” and said the company’s microblogging network, Sina Weibo, will expand to as many as 120 million users by 2012.
Sina climbed 8.4 percent to $39.72, the biggest gain since Nov. 17. Susquehanna’s target price is $50 per share.
“We are amazed by what Sina has achieved in Sina Weibo microblogging, and believe this new media and social network will add huge value to Sina,” equity analyst C. Ming Zhao wrote in a report today. “We believe this user-generated media, as well as social network, are extremely attractive to businesses for building brand images and promoting products and services.”
Susquehanna estimated the “Twitter-like service” had 15 million to 20 million users at the end of the first half of 2010, and is forecasting the social network will expand to 50 million users by the end of the year.
To contact the reporter on this story: Boris Korby in New York at Bkorby1@bloomberg.net
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