Piper Jaffray Reiterates Overweight on NetQin Mobile

Piper Jaffray is out with its report today on NetQin Mobile NQ, reiterating Overweight. In its report, Piper Jaffray writes, "We expect NetQin to grow rapidly as it leverages its Freemium business model with a sizable installed base of over 35M monthly active users against a backdrop of strong multiyear growth in global smartphone shipments. We reiterate our Overweight rating and $11 price target." Shares of NQ closed Tuesday at $5.09, down 0.78% from Monday's close.