I didn't plan on blogging a second time today, but Bloomberg just reported that UBS just initiated coverage on Qiao Xing Mobile (QXM) with a Buy-2 rating and a $14 price target. This means that UBS believes the stock is a buy, but with the caveat that there is higher variance in their target price prediction.
This coverage comes just two days after CIBC and Cowen initiated coverage with Sector Outperform and Outperform ratings, respectively. Cowen reported that their latest checks showed strong trends in Chinese mobile handset demand, and they see QXM shares appreciating 30% relative to the market over the next 12 months. And, CIBC provided a $12 price target on the shares along with its Sector Outperform rating citing QXM's strong position in the growing market for handsets and smartphones in China.
I might dump half the trading position. It seems that I got a bit lucky in the timing on this one (+13% in 10 days), and I would want to book some gains at least. I suppose I'll have something to think about this weekend.
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