UPDATE: J.P. Morgan Initiates Coverage on SouFun Holdings Limited with Overweight Rating, $49 PT on Continued Solid Performance

In a report published Friday, J.P. Morgan analyst Alex Yao initiated coverage on

with an Overweight rating and $49.00 price target. In the report, J.P. Morgan noted, “We initiate coverage on SouFun with an Overweight rating and a Jun-14 PT of USD49. SouFun is a leading real estate information and service platform in China. SouFun's solid historical performance over the past few years lies in 1) its nationwide coverage on both supplier side (developers and properties) and demand side (potential property buyers), 2) ability to innovate products in accordance with market environment (e.g. SouFun card).” SouFun Holdings Limited closed on Thursday at $38.90.