UPDATE: Piper Jaffray Upgrades YY on New Revenue Drivers & Favorable Outlook - JOYY (NASDAQ:YY)

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In a report published on Tuesday, Piper Jaffray analyst Gene Munster upgraded

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(NASDAQ: YY) from Neutral to Overweight and raised the price target on the company from $20 to $40. In the report, Piper Jaffray stated, "We are basing this decision on YY's new revenue drivers, which we believe will support both revenue and long term user growth, as well as improved profitability, underpinned by YY's highly scalable proprietary technology platform. These drivers include turning on monetization for mobile and education verticals, and the launch of the Happy Boys tie-in with Hunan Satellite TV. Additionally, we continue to feel comfortable with our FY13 estimates, and are raising our FY14E EPS modestly based on YY's ability to better leverage its cost structure." YY closed on Monday at $28.50.