Schaeffer's Trading Floor Blog

SINA Corp (SINA) Gaps Higher, Proves Analysts Right

A strong earnings report has SINA flying high this morning

by 11/13/2013 11:13 AM
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News Brief: SINA Corp (NASDAQ:SINA) is up nearly 12% this morning, at $84.91, after a spectacular showing in the earnings confessional Tuesday afternoon. Specifically, the Chinese company earned $25.4 million in the third quarter, more than doubling last year's $9.88 million profit, while sales advanced 21% year-over-year to $184.6 million.

These developments prompted Brean Capital and Jefferies to raise their respective price targets to $95 (from $92) and $120 (from $99) earlier this morning, while Credit Suisse upgraded the stock to "outperform" from "neutral." This positivity is nothing new, however. From the brokerage bunch, SINA has received nine "strong buy" ratings, compared to just one "hold" and one "sell." At the same time, the stock's consensus 12-month price target of $89.46 is now within striking distance, meaning that additional price-target hikes could still be in the cards.

Technically, SINA Corp (NASDAQ:SINA) is now up more than 68% in 2013. Today's bull gap has also positioned the shares back above their 40-day moving average, which served as a layer of support from mid-September into October.

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