UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on SouFun Holdings Limited
In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on SouFun Holdings Limited (NYSE: SFUN), and raised its price target from $26.00 to $29.50.
BofA Merrill Lynch noted, “Following our property team's 2013 year ahead report that expects volume and ASP up 6-7% YoY, we raise our estimates and PO on Soufun to reflect the positive momentum on the property market since Dec. The mid-Dec Central Working Economic Conference which set the policy tune for the whole year is also consistent with our positive house-view on the real estate industry. China's new Premier, Li Keqiang, has repeatedly said that urbanization will be the key driver for China's domestic consumption growth and housing will play a key role in this process. This will drive new projects and hence advertising opportunities for Soufun.”
SouFun Holdings Limited closed on Tuesday at $27.13.
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