UPDATE: Oppenheimer Initiates LightInTheBox with Outperform on Positive Long-Term Outlook

In a report published Tuesday, Oppenheimer analyst Andy Yeung initiated coverage on LightInTheBox Holding Co. LITB with an Outperform rating and $17.00 price target. In the report, Oppenheimer noted, “LITB is a China-based online retailer that sells ‘Made in China' products directly to consumers globally. We are positive on LITB's long-term prospects given its fast-growing underlying markets, strong customer value proposition, track record of performance and still significant operating leverage. We forecast a 2012-2015 revenue CAGR of 54% and expect LITB to show significant leverage in selling and marketing and G&A expenses as it scales operations. We believe our price target appropriately reflects the company's strong long-term sales and earnings growth potential while adjusting for risks associated with its relatively short operating history, its current size and near-term competitive risks.” LightInTheBox Holding Co. closed on Monday at $13.13.