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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