Brean Capital maintained a Buy rating on E-House (China) Holdings Ltd (NYSE: EJ), and cut the price target to $7.38 (from $13.00), following the company's 2Q15 earnings report. Revenue of $270.5 million, exceeding consensus expectations of $245.0 million. Non-GAAP EPS was $0.10, considerably above the Street’s $0.05. Management maintained its annual revenue guidance for 2015, ranging between $1.05 billion to $1.10 billion, in line with consensus expectations of $1.06 billion.

Analyst Anne Shih commented, "E-House reported a solid quarter, ahead of expectations, driven largely by better primary real estate services as well as ecommerce coupon pricing. Management remained cautious on the outlook for the second half of the year despite positive underlying improvements in housing and the latest government interest rate cut given ongoing macro uncertainty. Investments, in new services as well as increasing spending by its online business, continue to weigh on margins; however, we expect this to be partially offset by the better top-line growth and some leverage in brokerage services. In regards to the take-private proposal (by CEO, co-founder and co-chairman, Xin Zhou, board director Neil Nanpeng Shen, and SINA Corporation-SINA $35.11, Buy) announced June 9th, the company noted that the specially formed independent board committee and its retained financial and legal advisors are still in the process of considering the offer of $7.38 cash per ADS offer for all outstanding E-House ordinary shares not already owned by the buyer consortium. Consequently, we maintain our Buy rating but are lowering our target price to $7.38 (from $13)."

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Shares of E-House (China) Holdings Ltd closed at $5.42 yesterday.