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In a report published Friday, Pacific Crest Securities analyst Cheng Cheng reiterated an Outperform rating on
58.comWUBA, but lowered the price target from $58.00 to $55.00.
In the report, Pacific Crest Securities noted, “WUBA issued strong Q1 results and Q2 guidance. While spending is increasing somewhat, we view the increase as moderate and reasonable. Although we are lowering our PT to $55, we continue to believe WUBA is in front of a large opportunity for increasing monetization and would be buyers of the stock.”
58.com closed on Thursday at $38.29.
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