On initiating coverage on China Real Estate Information (NASDAQ:CRIC), Jefferies (NYSE:JEF) said they believe the valuation of the company is attractive and they have an upside of about 34 percent.
Jefferies noted, "As China's No.1 online real estate services provider, CRIC benefits from cooperation with Chinese Internet icons in online advertising/B2B/B2C business and strong offline services demand in Tier 2/3 cities. Trading at 11x 2011PE (excluding net cash), we believe the valuation is attractive. Rated Buy with 34% upside."
They started China Real Estate Information with a "Buy" rating. CRIC closed Friday at $9.60, up $0.62, or 6.90 percent. Jefferies has a price target of $12 on them.
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