UPDATE: Oppenheimer Reiterates Outperform Rating, Raises PT on E-House (China) Holdings Limited Following Management Meeting

In a report published Monday, Oppenheimer analyst Ella Ji reiterated an Outperform rating on

, and raised the price target from $8.00 to $13.00. In the report, Oppenheimer noted, “We remain positive on EJ after recently meeting with management. Multiple drivers ahead: EJ's e-commerce business has exhibited strong growth since its 3.0 version was rolled out as the number of subscribed developers increased significantly, and mgmt. anticipates strong sequential revenue growth in 2H13. China's real estate market maintained healthy, stable growth in Sept. after a stronger than expected summer season, boding well for EJ's primary agency business. Last, CRIC, EJ's information and consulting subsidiary, has been rolling out new products and is expected to start monetizing in 2014. We raise estimates and price target to $13 from $8, based on our SOTP analysis; represents 18.4x our 2014E EPS.” E-House (China) Holdings Limited closed on Friday at $9.03.