Qihoo 360 Technology Now Covered by Analysts at Goldman Sachs Group Inc. (QIHU)
Stock analysts at Goldman Sachs Group Inc. began coverage on shares of Qihoo 360 Technology (NASDAQ:QIHU) in a report issued on Monday, TheFlyOnTheWall.com reports. The firm set a “neutral” rating and a $66.00 price target on the stock. Goldman Sachs Group Inc.’s price objective indicates a potential downside of 10.17% from the stock’s previous close.
The analysts wrote, “We initiate coverage of Qihoo with a Neutral rating and a 12-m target price of $66. Qihoo has a unique business model in the global context. Through its free market-leading security software, Qihoo has established its brand as a promise of a safe and convenient internet experience. The company leverages this brand image, and creates a portfolio of popular web services that generate large user traffic on a recurring basis. Qihoo then sells the traffic to advertisers and game publishers. We believe the business model has high barriers to entry, given that Qihoo’s interconnected web services cross-promote each other, leading to networking effects.”
Qihoo 360 Technology (NASDAQ:QIHU) traded down 3.41% on Monday, hitting $70.965. The stock had a trading volume of 1,959,265 shares. Qihoo 360 Technology has a one year low of $20.01 and a one year high of $76.00. The stock’s 50-day moving average is $59.78 and its 200-day moving average is $41.77. The company has a market cap of $8.421 billion and a price-to-earnings ratio of 244.90. Qihoo 360 Technology also saw unusually large options trading activity on Monday. Investors purchased 13,573 call options on the stock. This represents an increase of 218% compared to the average daily volume of 4,265 call options.
Other equities research analysts have also recently issued reports about the stock. Analysts at Maxim Group raised their price target on shares of Qihoo 360 Technology from $48.00 to $72.00 in a research note to investors on Tuesday, July 30th. Separately, analysts at Barclays Capital initiated coverage on shares of Qihoo 360 Technology in a research note to investors on Monday, July 8th. They set an “overweight” rating and a $38.00 price target on the stock. Finally, analysts at Stifel Nicolaus raised their price target on shares of Qihoo 360 Technology from $49.00 to $55.00 in a research note to investors on Monday, July 1st. They now have a “buy” rating on the stock.
Six analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The company has an average rating of “Hold” and a consensus price target of $50.13.
Qihoo 360 Technology Co Ltd (NASDAQ:QIHU), formerly Qihoo Technology Company Limited, is engaged in the operations of Internet services and sales of third party anti-virus software in the People’s Republic of China.
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