Jefferies Lowers Price Target on China Real Estate Information (CRIC), Encouraged Off of Strong Quarter

Jefferies is reiterating its Buy rating on shares of China Real Estate Information (NASDAQ: CRIC) and is lowering its price target from $10.40 to $9.

The company reported strong second quarter earnings as revenues grew 53 percent and adjusted non-GAAP earnings grew 15 percent. The 53 percent revenue increase reflects a 116 percent increase in online revenues and as the company gained market share gains in major cities.

CRIC hired 600 employees in the first to help grow its online segment and for new channels. Management increased its online revenue growth outlook from 70 percent to 100 percent.

The firm believes that the Baidu channel and other e-commerce platforms will further strengthen its growth in online ad, and notes that margins are likely to increase in the second half.

Jefferies is reaffirming its 2011-2013 EPS estimates of $0.47, $0.60, and $0.69; along with its revenue estimates of $238.7 million, $287.1 million, and $329.7 million.

For more ratings news on China Real Estate Information click here and for the rating history of China Real Estate Information click here.

Shares of China Real Estate Information closed at $6.05 yesterday.

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Okta upgraded as AI security opportunity boosts outlook
• Adamas Trust prices $90M senior notes offering at 9.600%
• On Holding AG (ONON) PT Lowered to $73 at UBS on Short-Term Industry Dynamics