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UPDATE: Bank of America Merrill Lynch Reiterates Buy Rating, Raises PT on SouFun Holdings Limited

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In a report published Wednesday, Bank of America Merrill Lynch reiterated its Buy rating on SouFun Holdings Limited (NYSE: SFUN), and raised its price target from $26.00 to $29.50.

BofA Merrill Lynch noted, “Following our property team's 2013 year ahead report that expects volume and ASP up 6-7% YoY, we raise our estimates and PO on Soufun to reflect the positive momentum on the property market since Dec. The mid-Dec Central Working Economic Conference which set the policy tune for the whole year is also consistent with our positive house-view on the real estate industry. China's new Premier, Li Keqiang, has repeatedly said that urbanization will be the key driver for China's domestic consumption growth and housing will play a key role in this process. This will drive new projects and hence advertising opportunities for Soufun.”

SouFun Holdings Limited closed on Tuesday at $27.13.

Latest Ratings for SFUN

Apr 2017BenchmarkInitiates Coverage OnHold
Feb 2017Morgan StanleyDowngradesOverweightEqual-Weight
Dec 2016Deutsche BankDowngradesHoldSell

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Posted-In: Bank of America Merrill LynchAnalyst Color Price Target Analyst Ratings


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