In a report published Friday, Jefferies & Company reiterated its Buy rating on Qihoo 360 Technology Co. (NYSE: QIHU [FREE Stock Trend Analysis]), and raised its price target from $35.00 to $38.00.
Jefferies noted, “During Jefferies China TMT tour, we met with Mr. Hongyi Zhou, Qihoo's Chairman, and Mr. Alex Xu, Co-CFO. Mgmt confirmed cooperation with Google, and is developing its own sales network. Search market share should gradually expand. Mobile security and app store are key focuses. Qihoo is preparing a mobile game platform. Mgmt expects no meaningful impact from Baidu's investment in Kingsoft. Reiterate Buy. PT revised up by 9% to USD38.”
Qihoo 360 Technology Co. closed on Thursday at $30.50.
Where is the announcement by Google of such cooperation? Not buying it until I see a press release from Google. "Cooperation" is a broad and somewhat non-defined term to use and does not get explained in any way specific. Beware!