BEIJING, Nov. 20 (InfoChina) – Citibank has kept a “buy” rating for Hurray! Holding Co. (Nasdaq: HRAY) with the target price adjusted upward to 9.5 US dollars, following the announcement of the company’s 3Q financial report on Nov. 16.

Citibank analysts deem that Hurray’s multiple business platforms, sales and cooperation channels have underpinned the comparatively good performance of the company against the country’s tightened policies on SPs.

Hurray’s management team also holds that the negative impact from the tightened policy will diminish by the end of this year and the company is expected to regain its profitability growth next year.

In the 3Q period, Hurray generated a net profit of 1.6 million US dollars, down 5.6 percent quarter over quarter.

Total business revenue in 3Q reached 18 million dollars, down 1.7 percent quarter on quarter, yet better than analysts and the company’s earlier expectation.

EPS for Hurray in 3Q was 0.07 dollar, higher than Citibank’s previous prediction of 0.05 dollar.

With many small SPs quitting the market and the effect of tightened policies tending to stabilize, those survived SPs such as Hurray, TOM Online (HK: 8282, Nasdaq: TOMO) and Linktone (NYSE: LTON) will have a more favorable business environment in the future.