China Online Winners & Losers: Sohu.com
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Oppenheimer analyst Paul Keung assumed coverage of a slew of Chinese Internet companies Wednesday, and upgraded Web portal Sohu.com (SOHU Quote)Inc. to outperform from perform.
In a note to investors, Keung said Sohu is in a better position than most of its Internet and new media rivals entering 2009 "due to its strength in online games, capable management team and solid market position." High margins and steady growth in the company's gaming division, the analyst added, should offset any cyclical weakness in advertising.
Shares of Beijing-based Sohu fell $1.60, or 3.93%, to $39.10 as the broader market sank amid disappointing retail sales and worries about the banking sector.
Keung assumed coverage of Baidu.com (BIDU Quote), China's leading search engine, with a perform rating, saying deteriorating economic conditions in China may lead to increased churn rates, or customer turnover, and lower spending per advertiser....
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