Nomura Securities Starts China Mobile Games and Entertainment Group (CMGE) at Buy; Sees 73% Upside

Nomura Securities initiates coverage on China Mobile Games and Entertainment Group (NASDAQ: CMGE) with a Buy rating and a price target of $32, suggesting 73% upside.

Analyst Chao Wang said, "We expect that CMGE, benefiting from the fast ramp-up of the mobile game industry, will deliver 55% sales CAGR and 37% non-GAAP EPS CAGR over 2014-16F. We initiate coverage with a Buy rating and target price of USD32. Our target price implies 22.9x 2014F P/E and 12.7x 2015F P/E."

For an analyst ratings summary and ratings history on China Mobile Games and Entertainment Group click here. For more ratings news on China Mobile Games and Entertainment Group click here.

Shares of China Mobile Games and Entertainment Group closed at $18.50 yesterday.

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