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July 23, according to foreign media reports, investment companies Zacks analyst Paul Kang on Tuesday reiterated that the rating of Sohu (Nasdaq: SOHU) stock be “buy” (Buy).

Paul Jiang investors report that the online game business because of the strong growth, Sohu.com 2008 first-quarter revenue and earnings per share exceeded analysts expectations. Sohu in 2008 first quarter gross margin was 76 percent, higher than last quarter’s 71 percent. Online gaming revenue of 41 million U.S. dollars over the same period last year increased by 24 times compared with last quarter increased by 71 percent. In addition, Sohu brand advertising revenues of 33.2 million U.S. dollars over the same period last year grew by 41 percent last quarter increased by three percent.

Although the company currently include brand advertising, online games, wireless value-added services and search services, such as different areas facing intense competition, but the company is still above the main competitor in various fields. We believe that Sohu in the next few quarters, will continue to maintain strong growth. We believe that the current Sohu shares have been undervalued. Therefore, we maintain the Sohu stock to “buy” (Buy).

Sohu shares equivalent to the current 2008 earnings per share guidance of 28.6 times, below the industry average and the majority of Chinese competitors. Sohu shares equivalent to the current 2009 earnings per share guidance of 23.3 times, below the industry average. Shares in accordance with the equivalent of 2009 expected earnings per share (3.25 U.S. dollars) of 26.2 times calculated, Zacks Sohu to determine the target price of 85 dollars, and believe that this price may reflect Sohu’s future development potential.

Sohu shares trade to close 78.24 U.S. dollars on the Nasdaq Stock Market, the session up 1.06 U.S. dollars, or 1.37 percent. In after-hours trading, Sohu shares fell 0.11 U.S. dollars, or 0.13 percent, to close at 78.13 U.S. dollars. In the past 52 weeks, Sohu shares a minimum of 27.30 U.S. dollars, up to 91.50 U.S. dollars.

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