JPMorgan Chase & Co. Initiates Coverage on Qihoo 360 Technology (QIHU)
Equities researchers at JPMorgan Chase & Co. initiated coverage on shares of Qihoo 360 Technology (NASDAQ:QIHU) in a research report issued on Friday, TheFlyOnTheWall.com reports. The firm set an “overweight” rating and a $94.00 price target on the stock. JPMorgan Chase & Co.’s target price would suggest a potential upside of 18.30% from the company’s current price.
The analysts wrote, “Initiating coverage on Qihoo with an Overweight rating and a Jun-14 PT of USD94. Qihoo has formed large traffic platforms across both PC and mobile. The company is shifting revenue models towards scalable ones (e.g. CPC/CPS ads, keyword search, game publishing, etc) that better utilize its still growing large traffic base. We think the growth China Internet economy across both PC and mobile will drive Qihoo’s revenue growth over the next few years.”
Other equities research analysts have also recently issued reports about the stock. Analysts at Zacks upgraded shares of Qihoo 360 Technology from a “neutral” rating to an “outperform” rating in a research note to investors on Tuesday. They now have a $80.80 price target on the stock. Separately, analysts at BNP Paribas upgraded shares of Qihoo 360 Technology from a “hold” rating to a “buy” rating in a research note to investors on Tuesday. Finally, analysts at Jefferies Group upgraded shares of Qihoo 360 Technology from a “hold” rating to a “buy” rating in a research note to investors on Tuesday. They now have a $100.00 price target on the stock, up previously from $49.00.
Three equities research analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average target price of $74.07.
Qihoo 360 Technology (NASDAQ:QIHU) traded up 0.45% on Friday, hitting $79.82. 327,767 shares of the company’s stock traded hands. Qihoo 360 Technology has a 52-week low of $20.01 and a 52-week high of $81.94. The stock’s 50-day moving average is $65.47 and its 200-day moving average is $46.6. The company has a market cap of $9.472 billion and a price-to-earnings ratio of 264.87. Qihoo 360 Technology also saw unusually large options trading on Tuesday. Stock investors bought 19,891 call options on the stock. This is an increase of approximately 219% compared to the typical volume of 6,235 call options.
Qihoo 360 Technology (NASDAQ:QIHU) last released its earnings data on Monday, August 26th. The company reported $0.40 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.26 by $0.14. The company had revenue of $151.70 million for the quarter, compared to the consensus estimate of $144.19 million. During the same quarter last year, the company posted $0.17 earnings per share. Qihoo 360 Technology’s revenue was up 108.4% compared to the same quarter last year. On average, analysts predict that Qihoo 360 Technology will post $1.24 earnings per share for the current fiscal year.
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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