UPDATE: CICC Cuts PT to $5 on Taomee on Low Monetization
CICC reiterated its Buy rating on Taomee (NYSE: TAOM) and reduced its price target to $5 a share.
CICC said, "Enriched product line, but low monetization strategy continues. Given the fierce online competition, Taomee is continuing with its low monetization strategy to increase user growth and engagement. The strategy has proved effective with a record high of active accounts in 3Q12. Going forwards, Taomee will develop and add more online games with relatively high ARPU to its existing product portfolio."
Taomee closed at $3.43 on Friday.
Latest Ratings for TAOM
|Nov 2012||China International Capital|
|Mar 2012||Stifel Nicolaus||Downgrades||Buy||Hold|
|Mar 2012||Deutsche Bank||Downgrades||Buy||Hold|
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.