UPDATE: J.P. Morgan Initiates Coverage on YY on Multiple Positive Factors
In a report published Friday, J.P. Morgan analyst Alex Yao initiated coverage on YY (NASDAQ: YY) with an Overweight rating and $47.00 price target.
In the report, J.P. Morgan noted, “We initiate coverage of YY Inc with an Overweight rating and a Jun-14 PT of USD47. YY offers a rich-media platform which allows large-scale communications in real time. YY currently generates revenue primarily from game operations, live music shows and membership services. Expansion of monetization into other activities, such as education, should increase the payment ratio and drive revenue growth over the next few years.”
YY closed on Thursday at $39.71.
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