Oppenheimer Holdings Reiterates Outperform Rating, $6 PT on E-House (China) Holdings Limited

In a report published Monday, Oppenheimer Holdings reiterated its Outperform rating and $6.00 price target on E-House (China) Holdings Limited

. Oppenheimer noted, “This morning, EJ announced that the board has authorized to issue and sell ordinary shares to certain management personnel. The 17.8M shares to be sold represent approximately 15% of the company's current total outstanding shares, and the purchase price of $3.52 per share represents 15% premium over EJ's closing price on 12/7. The company also plans to use all proceeds of the share issuance to repurchase its ADS in the open market. This is the second time that CEO Zhou purchases EJ shares with his own money, as the shares are believed to be undervalued. The company's coming share repurchase, together with recent real estate market rebounds, both indicate potential upside for EJ.” E-House (China) Holdings Limited closed on Friday at $3.06.