Phoenix New Media Receives Equal Weight Rating from JPMorgan Chase & Co. (FENG)
Phoenix New Media (NASDAQ:FENG)‘s stock had its “equal weight” rating reaffirmed by investment analysts at JPMorgan Chase & Co. in a note issued to investors on Wednesday, Analyst Ratings Network reports. They currently have a $10.20 price target on the stock. JPMorgan Chase & Co.’s price target suggests a potential downside of 10.13% from the company’s current price.
The analysts wrote, “Total net revenues grew 32% YoY and 18% QoQ to Rmb400mn, 6% above our forecast and better than company guidance (Rmb368-378mn). Diluted EPS jumped 203% YoY to Rmb1.07, 70% above our estimates due to operating leverage. Ad sales grew 37% YoY, 6% better than our estimate and the company’s high-end guidance, driven by expansion in both advertiser volume and ARPA (average revenue per advertiser) by 9% and 25%, respectively. According to the company, its strategies in vertical expansion and hosting high-profile offline media events helped deepen its user penetration for portal with daily visitors growing 23% YoY to ~40mn.”
Phoenix New Media (NASDAQ:FENG) traded up 2.56% during mid-day trading on Wednesday, hitting $11.64. The stock had a trading volume of 740,355 shares. Phoenix New Media has a one year low of $3.40 and a one year high of $13.38. The stock’s 50-day moving average is $10.44 and its 200-day moving average is $10.15. The company has a market cap of $872.5 million and a price-to-earnings ratio of 24.15.
Phoenix New Media (NASDAQ:FENG) last posted its quarterly earnings results on Tuesday, February 25th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.78 by $0.29. Analysts expect that Phoenix New Media will post $3.88 EPS for the current fiscal year.
Separately, analysts at Zacks upgraded shares of Phoenix New Media from a “neutral” rating to an “outperform” rating in a research note on Tuesday, January 7th. They now have a $10.90 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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