UPDATE: Stifel Initiates Coverage on Montage Technology Group Ltd. with Buy Rating, $18 PT on Earnings Estimate, DCF Analysis

In a report published Monday, Stifel analyst Tore Svanberg initiated coverage on Montage Technology Group Ltd. MONT with a Buy rating and $18.00 price target. In the report, Stifel noted, “We are initiating coverage of Montage Technology Group Limited (MONT) with a Buy rating on the shares and a 12-month target price of $18. Our target price is based on 13.5x our CY14E earnings estimate and a range of $15-$20 per share from our discounted cash flow (DCF) analysis.” Montage Technology Group Ltd. closed on Friday at $14.61.