Friday, July 24, 2009

Analyst reaction: Piper Jaffray

Piper Jaffray said the results were strong and the
company's less conservative guidance for Q3 is a
sign that the overall advertising environment has
improved in China. The firm noted operating
margin improved significantly in Q209 to 38.5%,
vs. 34.4% in Q208 and 24.5% in Q109. The firm
raised their price target from $340 to $363,
although they maintained their Neutral rating.

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