In its Thursday May 16 report, Bank of America analyst Chao Wang initiated coverage on Youku YOKU, China's largest online video firm, with a Buy rating and a price target of $27.
In the report, Wang mentioned, "We believe video ad spending (21% of online display ad or 9% of total online ad in 2012) will gradually catch up with online video' usage (27% penetration rate and 32% share of internet user time spent as of 4Q12). We expect video ad industry to grow by 47% CAGR during 2013-15, and its proportion online display ad/TV ad to grow from 21%/6% in 2012 to 37%/14% in 2015."
Youku is currently trading at $21.20, up 0.09 percent since market open.
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