Rosenblatt Reiterates Buy on NQ Mobile (NQ) Following 2Q Report
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Rosenblatt reiterated a Buy rating and $13.00 price target on NQ Mobile (NYSE: NQ) following the company's 2Q earnings report. NQ reported EPS of $0.08, ahead of the consensus estimates of $0.02. The company also announced FL Mobile divestment updates, including a further sale of another 19% of FL Mobile to buyers.
Analyst Jun Zhang commented, "NQ’s revenue (excluding NationSky) grew around 24.5% YoY in Q2, reaching $83M. Non-GAAP net income was $7.2M (EPS of $0.08). We are seeing an increasing monetization of mobile platforms from NQ. Advertising revenues increased 77.0% YoY to $28.7M in Q2, which was mainly due to the continued expansion of NQ’s mobile advertising platform. Several mobile platforms have started monetization processes, including NQ wallpaper, launcher, and music radar products."
Shares of NQ Mobile closed at $4.51 yesterday.
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