Sky-mobi (MOBI) PT Lifted to $11 at Rosenblatt

Rosenblatt analyst Jun Zhang reiterated a Buy rating and raised his price target on Sky-mobi Limited (NASDAQ: MOBI) to $11.00 (from $10.00), noting 20 million in early investments.

"We recently learned that mobile game developers have become increasingly hot M&A targets in China. There are over 20 mobile game developers that were acquired in the last 3 months in China, with an average 15X-20X PE," Zhang commented.

He added, "Sky-mobi had 20 early investments in mobile game developers and mobile platform operators, which are not priced into the stock. We value these early investments at at least USD $140 million. We are raising our price target to $11.00, as we anticipate that some of Sky-mobi’s early investments might be bought by Chinese companies and there will be potential investment gains in 2015 or 2016"

For an analyst ratings summary and ratings history on Sky-mobi Limited click here. For more ratings news on Sky-mobi Limited click here.

Shares of Sky-mobi Limited closed at $4.06 yesterday.

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