Phoenix New Media Now Covered by JPMorgan Chase & Co. (FENG)
JPMorgan Chase & Co. assumed coverage on shares of Phoenix New Media (NASDAQ:FENG) in a research note issued on Friday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating and a $11.00 price target on the stock. JPMorgan Chase & Co.’s price target points to a potential upside of 24.43% from the stock’s previous close.
The analysts wrote, “We initiate coverage on Phoenix New Media (PNM) with an Overweight rating and a Jun-14 PT of USD11. Phoenix is one of the leading online information portals in China with strong traffic growth. Monetization of portal traffic still lags leaders such as Sina and Sohu in terms of ads pricing. Despite an uncertain brand ads outlook, we believe NM’s unique content and fasting growing but under-monetized traffic will allow it to capture steady growth over the next 12 months.”
Shares of Phoenix New Media (NASDAQ:FENG) traded up 1.92% during mid-day trading on Friday, hitting $9.01. 135,925 shares of the company’s stock traded hands. Phoenix New Media has a one year low of $2.88 and a one year high of $9.75. The stock’s 50-day moving average is $7.04 and its 200-day moving average is $5.03. The company has a market cap of $685.3 million and a P/E ratio of 27.37.
Separately, analysts at Zacks upgraded shares of Phoenix New Media from a “neutral” rating to an “outperform” rating in a research note to investors on Thursday, August 15th. They now have a $9.60 price target on the stock.
Phoenix New Media Limited (NASDAQ:FENG) is a new media company providing content on an integrated platform across Internet, mobile and television (TV) channels in China.
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