UPDATE: Citigroup Raises PT to $32.40 on Soufun Holdings Following Q4 Beat

Citigroup maintained Soufun Holdings SFUN with a Buy rating and raised the price target from $31.00 to $32.40. Citigroup noted, "Clear 4Q top-, middle- and bottom-line beat vs Citi/Street, thanks to: 1) strong SF Card performance with deeper penetration beyond BJ&SH to tier 2&3 cities; 2) rebound of underlying property market; 3) improved op margin on operational gearing and lower-than-expected bad debt. Strategic position and longer-term growth story underwritten by good progress around mobile apps/services innovation. Forecasts changed and TP raised to $32.4." Soufun Holdings closed at $26.14 on Friday.