UPDATE: Stifel Starts Gridsum Holding (GSUM) at Buy

(Updated - October 18, 2016 9:01 AM EDT)

Stifel initiated coverage on Gridsum Holding (NASDAQ: GSUM) with a Buy rating and a price target of $21. Analyst George I. Askew thinks the company is uniquely positioned to benefit from the Chinese government’s "Made in China'"initiative over the next decade.

"As a leading data analytics software provider in China, Gridsum is pioneering domestic big data analytics and a functional SaaS model with proprietary real-time technologies. Gridsum has the scale, management and vision to sustain domestic leadership," said Askew.

"We project 2017 revenue of RMB595 million (US$89.2 million), 50%-60% y/y revenue growth. Long-term adjusted EBITDA margin targets exceed 25%," added the analyst.

For an analyst ratings summary and ratings history on Gridsum Holding click here. For more ratings news on Gridsum Holding click here.

Shares of Gridsum Holding closed at $16.42 yesterday.

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