UPDATE: Canaccord Genuity Initiates 21Vianet Group with Buy, $16 PT on Strong Secular Growth in China Market

Canaccord Genuity initiated its coverage on 21Vianet Group

with a Buy rating and a price target of $16 a share. Canaccord Genuity said, "We are initiating coverage on 21Vianet with a BUY rating and $16.00 price target as we believe that the company, with its unique set of assets and industry-leading position, is well positioned to benefit from the strong secular trend of Internet traffic growth in the Chinese market. With 30%+ revenue CAGR forecast in the next several years, expanding margins and a valuation multiple that is still well below global carrierneutral data center comparables, we believe the company's stock offers an attractive risk/reward profile for investors." 21Vianet Group closed at $11.19 on Tuesday.