Deutsche Bank Initiates Coverage on AutoNavi with Buy and PT of $22 (AMAP)

Deutsche Bank initiated a coverage of AutoNavi

with a Buy and price target of $22. In a research report published today, Deutsche Bank states, "We initiate coverage with a Buy rating and USD22 target price. Having established a leading position in automobile navigation, AutoNavi has an opportunity to play a major role in China's burgeoning location-based services scene. Our Buy recommendation is based on 22% prospective upside to our target price, which reflects strong earnings growth potential with further upside possible due to the new opportunity to supply areas such as group-buys and LBS-based advertising." On Monday, AutoNavi lost 3.63% of its value to close the day at $17.50.