Cut Sohu's FVE to USD 48.5, Following Weak 2Q Earnings and Disappointing 3Q Guidance
We lower no-moat Sohu's fair value estimate to USD 48.5 per share from USD 64.0, following the company's weak second-quarter results and disappointing third-quarter guidance. Net revenue growth slowed to 5.4% in the second quarter from 21.6% in the first quarter, with weakness spreading across all non-Sogou segments--Sohu Media portal, Sohu Video, and its online game subsidiary Changyou. Sogou continued to be the growth driver, with a decent 43% year-over-year revenue growth in U.S. dollars and ...
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