UPDATE: Topeka Reiterates Its Buy Rating on NQ Mobile and Raises PT to $25

In a report published Thursday, Topeka reiterated its Buy rating on NQ Mobile

and raised its price target from $20 to $25. Topeka reported that, “We are initiating our 2014 EPS estimate of $1.25 (+29%) and raising our price target to $25 from $20. We have revised our 2013 estimates, increasing revenues to $180mm to reflect the acquisition of Feiliu and clipping a few pennies off EPS to reflect a higher share count (10% more), higher tax rate and higher operating expenses, the latter a continuation of the 2012 geographic expansion strategy. We reiterate our Buy rating.” Shares of NQ Mobile closed at $8.77 on Wednesday.