Sina Corp., the Chinese operator of the Twitter-like Weibo service, retreated to the lowest level since January after Maxim Group LLC reduced the company’s revenue forecast.
Shanghai-based Sina lost 3.4 percent to $50.07 at the close of trading in New York, the lowest since Jan. 9.
Sina will probably report sales of $547 million this year, Echo He, an analyst at Maxim Group in New York, wrote in an e-mailed report today. He’s previous forecast was for $560 million. Maxim’s He also lowered the 12-month target price on the shares to $44 from $45.
“The slowing economy is starting to put pressure on online advertising budgets,” He said in a phone interview. “It’s hard for Internet companies like Sina to grow in this environment.”