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Citron Research Defends Its $3 Price Target on Sky-Mobi After Conference Call and Piper Defense (MOBI)

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Citron Research wrote a report yesterday questioning Sky-Mobi (NASDAQ: MOBI) yesterday, claiming that the company is not the "leading application store" in China.

Citron basically calls the company a fraud, that Sky-Mobi is not a play on Chinese mobile/social networking, saying that the company is not even a tech company. Citron claims that the company is lying to investors.

Today, Piper Jaffray has defended Sky-Mobi, increasing its target to $12-$15. Citron challenges Sky-Mobi and Piper to show a single credible and independent source verifying that MOBI's app store is in fact the “top mobile app store in China”, in which they cannot.

Citron states on their website, "MOBI states that their market is composed of 'young, uneducated and poor' Chinese youth. The CEO got excited describing his market buying 'virtual homes and virtual furniture'." But the truth is, Citron states, that Sky-Mobi's sales are coming from a virtual world.

Citron states to be skeptical.

More information can be found here.

 

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