Deutsche Bank to maintain Phoenix New media buy rating target price 13.86 USD

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Beijing time November 1 Evening News, Deutsche Bank released its investment report today to maintain the Phoenix New Media stock (Nyse:feng) "buy" rating, while maintaining a 13.86 dollar target share price unchanged.

The following is a summary of the contents of the report:

Share price declines: Phoenix New media shares have fallen 32% to 8.98 dollars since October 22, when it hit $13.15 trillion. After our survey of advertisers, third party research agencies and advertising tracking agencies, we believe that the price trend of Phoenix New media will be consistent with our expectations, even better than our expectations. To this end, we continue to maintain its "buy" rating.

has not yet rebounded: Phoenix New Media share price declines coincided with the fall in the price of the market, the latter is because of short institutions muddy water (Muddy Waters) A query report and fell more than 70%. But the market has rebounded about 25%, but Phoenix's new media share price did not rise during that period.

Website traffic is still strong: Eric data shows that the Phoenix New Media September Day Independent user visits (UV) over 40 million, China's 8th-largest website. And based on the day page traffic (PV), Phoenix New Media ranked 5th. Based on the date of the visit, Phoenix New Media ranked 7th.

Rupert Murdoch sells Phoenix TV shares: Star Entertainment, the Rupert murdonch of the mass media Rupert, sold shares of Phoenix's new media parent to the US private equity firm, TPG Capital, We have not found that this and Phoenix new media share price decline has the inevitable link. Murdoch has long indicated that it will withdraw from the Greater China television market. As for Phoenix Satellite TV, we believe that we will continue to integrate with Phoenix New media to achieve greater synergy.

Valuation: We continue to maintain the "buy" rating of the Phoenix New media stock, while maintaining a 13.86 dollar target share price unchanged.