Weibo Corp (WB) PT Raised to $113 at Jefferies; Reiterates Buy

Jefferies raised its price target on Weibo Corp (NASDAQ: WB) to $113.00 (from $105.00) while maintaining a Buy rating following 3Q. Weibo reported a solid set of results with 4Q17 guidance actually implying accelerating growth in KA and SME ad revenue if excluding a USD30mn contribution from Alibaba, based on estimates.

4Q17 guidance largely supported by strong growth in non-Alibaba advertising revenue. In-line with pre-announcement, 3Q17 revenue came in 7% above consensus. Non-GAAP net income was USD115mn, +111% YoY, 9% above consensus estimates. Company guided 4Q17 revenue 5% above consensus at USD355-365mn, representing 67-72% YoY growth.

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