UPDATE: Credit Suisse Initiates LightInTheBox at Neutral on Unique Market Position

In a report published Monday, Credit Suisse analyst Eva Wang initiated coverage on LightInTheBox LITB with a Neutral rating and $16.50 price target.

In the report, Credit Suisse noted, “We initiate coverage of LightInTheBox (LITB) with a NEUTRAL rating. We like its unique market positioning and experienced management. However, we believe the market has priced in earnings growth after the stock price rose 77% since its IPO. We expect slower revenue growth in 2Q13 (+3% QoQ). We believe LITB is an early and leading player in the online export B2C market. We like its focus on non-branded products and management expertise in supply chain management and data mining, which helped the company to deliver good execution. We expect future catalysts to include the build-up of track record in the next few quarters and any positive earnings surprise.”

LightInTheBox closed on Friday at $17.39.