E-House China Initiated By Jefferies At Buy

Jefferies & Company has published a research report on E-House China Holdings and has initiated coverage on the company with a Buy rating. In the report, Jefferies writes "We initiate coverage on E-House (EJ) with a Buy and US$21.5 price target, based on 18x 2011 PE. As the No.1 service provider in the China Property market, E-House is well positioned to benefit from a long term uptrend, and is less sensitive to market volitalities. We expect real demand in Tier 2/3 cities to support primary sales, and expect CRIC to drive future earnings. We believe potential earnings decline is already priced in. Buy with 47% upside." E-House China Holdings closed yesterday at $14.59.