Qihoo 360 Technology Now Covered by Analysts at Barclays Capital (QIHU)

Equities researchers at Barclays Capital assumed coverage on shares of Qihoo 360 Technology (NASDAQ: QIHU) in a report issued on Wednesday, Stock Ratings Network.com reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “Following the release of its search engine (Aug 2012) and the announced partnership with Google (Jan 2013), Qihoo’s share price has re-rated. We expect further catalysts to come from: 1) a gradual ramp-up of its sales network through both expanded direct sales and the build-up of agency channels, leading to further growth in search revenue; 2) mobile Internet opportunities, via its rising penetration rate in mobile security and potential success of its app store strategy; and 3) non-GAAP margins expanding to the targeted normalised rate of 40%. We initiate coverage with an Overweight rating and US$38 PT, based on 20x 2014E non-GAAP EAPDS of US$1.88, which implies 0.26x PEG to a two-year (2013-15E) earnings CAGR of 77%. Top picks within our China Internet universe are Tencent, NetEase and Youku(all rated OW).”
Qihoo 360 Technology (NASDAQ: QIHU) opened at 30.44 on Wednesday. Qihoo 360 Technology has a 52-week low of $13.80 and a 52-week high of $30.89. The stock’s 50-day moving average is currently $30.20. The company has a market cap of $3.592 billion and a price-to-earnings ratio of 81.17.
A number of other analysts have also recently weighed in on QIHU. Analysts at Maxim Group reiterated a “buy” rating on shares of Qihoo 360 Technology in a research note to investors on Friday, March 15th. Separately, analysts at Zacks downgraded shares of Qihoo 360 Technology from an “outperform” rating to a “neutral” rating in a research note to investors on Monday, March 11th. They now have a $36.80 price target on the stock. Finally, analysts at JG Capital initiated coverage on shares of Qihoo 360 Technology in a research note to investors on Monday, March 11th. They set a “neutral” rating on the stock.
Four analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $37.20.
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.