Brean Murray Reiterates a Buy Rating on China Finance Online (JRJC), But Lowers Price Target
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Brean Murray reiterates a Buy rating on China Finance Online (Nasdaq: JRJC), but lowers price target from $50 to $36.
Brean analyst says, "At roughly 15x and 10x our 2008 and 2009 pro forma EPADS estimates of $1.18 and $1.80, we believe JRJC shares are attractively valued. Given the low conversion rate of less than 1%, solid momentum in existing and new products, its enhanced sales and marketing team (780 telemarketers), and attractive valuation, we reiterate our Buy rating. Given the tough Chinese stock market environment, we decided to take a more conservative approach on our 2009 estimates. However, we continue to like the long-term perspective of the company and its business model."
China Finance Online Co. Limited (CFO Hong Kong) provides online financial and listed company data and information in China.
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