UPDATE: Piper Jaffray Raises PT to $17 on NetQin Mobile

Piper Jaffray increases its price target $3 to $17 on Overweight-rated NetQin Mobile (NYSE: NQ) on takeaways from meeting with the company signaling growth and expansion.

Piper Jaffray notes, "We are impressed with new co-CEO Omar Khan, who carries a reputation as one of the most capable, knowledgeable and connected executives in the smartphone industry. We believe the addition of Khan will help accelerate growth outside of the Chinese market, through relationships with additional carriers, initiation of Enterprise distribution agreements and increased targeted marketing efforts. We believe NQ is rapidly assembling impressive pieces and laying groundwork, sometimes publicly and sometimes behind the scenes, to become an unrivaled global player in smartphone security and expect new carrier agreements and new products to drive ongoing traction."

NQ closed at $10.56 a share on Friday.

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