UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on E-House (China) Holdings Limited Following Strong 2Q13 Revenue

In a report published Monday, Oppenheimer analyst Ella Ji reiterated an Outperform rating on E-House (China) Holdings Limited EJ, and raised the price target from $6.00 to $8.00. In the report, Oppenheimer noted, “2Q13 revenue strongly beat our estimate/consensus by 22%, and margin expansion continues as a result of EJ's cost realignment and a more scaled online business. EPS of $0.11 outperformed our $0.06 estimate. Full-year revenue guidance went up another $30M after a $50M raise last quarter, representing 36% y/y growth. Upon the successful launch of e-commerce platform 3.0, EJ is well positioned to catch the next wave of growth in the internet space; meanwhile a stable and favorable policy environment (the best year since 2009) also solidly supports the company's traditional offline agency business. We forecast its top-line CAGR will accelerate to high-20s from 15% in the past three years. Raising our estimates and price target to $8 from $6.” E-House (China) Holdings Limited closed on Friday at $6.07.