(Yicai Global) Aug. 10 -- Several investment institutions raised their target price for Chinese social media giant Weibo Corp. [NASDAQ:WB] after it released strong quarter earnings results.

The Beijing-based firm's quarterly financials were robust and the company gave a strong third quarter revenue outlook following its good performance in the same period last year driven by the Olympics Games.

Weibo's future revenue growth will mainly come from livestream broadcasting and new advertising brought by Weibo Stories, investment bank Jefferies LLC said in a research report released today. Jefferies maintained a buy rating for Weibo stock and upped its price target to USD105 from USD82.

The web platform operator's second quarter performance was solid, hitting a new high in profit margins and its third quarter revenue outlook exceeded expectations, brokerage and investment firm CLSA Ltd. said in a research report released today. CLSA kept its buy rating for Weibo shares, raising its target to USD105 from USD90. 

Weibo recently published its unaudited financial report for the quarter ended June 30. It shows that the group's net revenue in the quarter was USD253.4 million, an increase of 72 percent over the same period last year that beat Wall Street's forecast of USD246.8 million.  

The enterprise's advertising and marketing services revenue in the second quarter was USD218.3 million, up 72 percent. Other revenue was USD35 million, representing an increase of 78 percent compared with the USD19.7 million recorded a year earlier. Net profit attributable to Weibo was USD73.5 million, up 184 percent over the same period last year.

Weibo's third quarter revenue outlook was 6.5 higher than analysts' average expectation. The company anticipates its revenue will be between USD290 million and USD300 million, representing an increase of 64 percent to 70 percent from a year earlier.

Weibo's leading position in social media, mobile and video products could produce stable user growth and interaction, HSBC Holdings PLC [LON:HSBA] said. Its huge user base can further drive commercial potential, so its market value remains attractive. HSBC maintained a buy rating for Weibo and raised its target to USD97 from USD83.

The number of daily active Weibo users grew to 159 million in June, an increase of 26 percent from a year earlier. Monthly active users reached 361 million.

Weibo shares closed at USD87.23, up 1.12 percent.