Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.
What: Shares of Chinese real estate services provider Leju Holdings Ltd. (NYSE:LEJU) initially jumped 10% Friday morning, and then settled to close roughly even after Credit Suisse initiated coverage on the recently IPOed stock.
So what: Specifically, Credit Suisse issued an outperform rating on Leju shares with a $15 price target, or a roughly 50% premium to today's close at $9.98 per share. For perspective, Leju priced its 10 million-share initial public offering at $10 per American depositary share late last month, and rose as high as $13 per share in the subsequent days.
Now what: This analyst initiation is encouraging, but keep in mind Leju is also set to announce first quarter earnings next Tuesday, May 20. Because I prefer avoiding the practice of trading around earnings, I'll be waiting until after that report for additional color on Leju's business before I make any long-term investing decisions.
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Steve Symington and The Motley Fool have no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.