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Qihoo +4.5% after Nomura target hike, Microsoft deal

  • Nomura has hiked its Qihoo (NYSE:QIHU) target by $4 to $69, while reiterating a Buy. The firm cites optimism about Qihoo's expansion into the enterprise security market.
  • Meanwhile, Microsoft has announced Qihoo (along with Tencent, Xiaomi, and Lenovo) will help distribute Windows 10 in China following its summer launch. Notably, the OS will be provided as a free upgrade to users of both genuine and non-genuine (i.e. pirated) versions of Windows.
  • Qihoo mentioned in its March 9 Q4 report enterprise security sales were better than expected. On the CC (transcript), co-CFO Alex Xu stated Qihoo's enterprise security sales totaled ~$20M in Q4 (their first quarter of revenue generation).
  • CEO Hongyi Zhou argued NSA spying fallout will benefit Qihoo - "[A]s you may know, the Chinese government already make it very clear for the foreign security related companies, the foreign entities need to be out in this market." - and that the huge consumer reach of Qihoo's 360 security apps will make penetrating enterprises easier.

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