Qihoo 360 climbs after Citi ups price target on stock
Shares of Chinese Internet company Qihoo (QIHU) are climbing after Citigroup hiked its price target on the stock to $65 from $39. WHAT'S NEW: Qihoo is poised to become the leader of the mobile Internet market in China, wrote Citigroup analyst Bin Liu in a note to investors earlier today. The company should be able to generate revenue from its market-leading mobile apps, the analyst believes. However, Wall Street doesn't appear to be expecting the company to obtain significant revenue from its mobile businesses, Liu contended. Nevertheless, Qihoo will obtain 10% of its revenue this year from its mobile offerings and the company's revenue from its mobile businesses should jump by an average compound rate of 108% over the next two years, the analyst predicted. Games for mobile devices and mobile ads will account for most of Qihoo's revenue in the space this year, said Liu, who kept a Buy rating on the stock. WHAT'S NOTABLE: Qihoo's stock has climbed 10% in the last month and 62% in the last three months. PRICE ACTION: In early trading, Qihoo rose $1.70, or 3.6%, to $48.60.