UPDATE: Deutsche Bank Initiates YY at Hold on Balanced Risk/Reward

Deutsche Bank initiated coverage on YY

with a Hold rating and a $13.66 price target. Deutsche Bank commented, "Despite a sizable registered user base of 400m, we think YY is in the early stages of monetization. However, we take a relatively conservative stance on its valuation in view of risks that could significantly alter its growth trajectory. We view YY as a relatively high risk, high return name. The company's current share price reflects balanced risk and return, in our view." YY closed at $13.65 on Thursday.