Topeka Capital Markets Reiterates Buy Rating, $20 PT on NQ Mobile on Partnership Announcement

In a report published Monday, Topeka Capital Markets reiterated its Buy rating and $20.00 price target on NQ Mobile

. Topeka Capital Markets noted, “This morning, NQ Mobile announced a partnership with America Movil (AMX-$20.83:NR), the third largest mobile operator with 262mm subscribers spread across Mexico and Latin America. AMX will offer all three NQ Mobile consumer products (Mobile Security, Mobile Vault, Family Guardian) beginning in Mexico (62mm subs) in April and extending to Argentina and Brazil by the end of June and will eventually offer the trio of products in all 18 countries that AMX operates in.” NQ Mobile closed on Friday at $6.90.