UPDATE: Bank of America Initiates Coverage on Zulily with Neutral Rating, $39 PT on eCommerce Treat for Moms

In a report published Tuesday, Bank of America analyst Justin Post initiated coverage on

with a Neutral rating and $39.00 price target. In the report, Bank of America noted, “We are constructive on zulily as a differentiated eCommerce company that brings moms the joy of shopping in an increasingly commoditized eCommerce market. Zulily is early in its customer potential, and we are positive on the company's market opportunity, execution, and high mobile exposure. We think active customers can grow from 2.6 mn today to 6.8mn by 2015 as zulily increases brand awareness.” Zulily closed on Monday at $37.09.