Buy SINA Corp. at These Levels

SINA Corp. (SINA - Analyst Report) is a leading provider of online media and value-added information services to the global Chinese community. SINA posted strong financial results for 2008. Both its revenue and EPS once again exceeded the market consensus.

However, economic growth in the country had continued to slow owing to global downturn. SINA provided weak Q1 2009 guidance on account of a drop in advertising revenue. The company is also facing severe competition in its mobile business.

We believe the company's business will continue on the strength of solid fundamentals, and SINA will emerge as a strong company as the recession comes to an end. We maintain our Buy rating on the stock with a 6-month price target of $30.00.

Priyanka Poddar contributed to this report.