58.com (NYSE:WUBA) Given “Buy” Rating At HSBC Securities, Is a Move on The Horizon?

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How HSBC Securities Currently Rates 58.com (NYSE:WUBA)

HSBC Securities began coverage on 58.com (NYSE:WUBA) shares recently in an analyst note shared with investors on Tuesday morning. The brokerage firm has decided to place a “Buy” rating on WUBA stock.

From a total of 11 analysts covering 58.com (NYSE:WUBA) stock, 8 rate it a ”Buy”, 1 a “Sell”, and 1 a ”Hold”. This means that 80% of the ratings are positive. The highest target price is $100 while the lowest target price is $50. The mean of all analyst targets is $74.06 with a -10.51% below today’s ($65) stock price. 58.com was the topic of 6 analyst reports since August 21, 2015 according to the firm StockzIntelligence Inc. CLSA initiated shares on October 15 with “Sell” rating. Morgan Stanley upgraded WUBA stock in a recent report from September 1 to “Overweight” rating.

Approximately 532,449 shares of stock traded hands. 58.com Inc (ADR) (NYSE:WUBA) has declined 20.43% since May 12, 2015 and is downtrending. It has underperformed by 16.75% the S&P500.

58.com Inc. is a holding company. The company has a market cap of $8.70 billion. The Firm operates an online marketplace serving local merchants and clients in China. It currently has negative earnings. The Company’s online marketplace enables local merchants and clients to connect, share information and conduct business.

According to Zacks Investment Research, “58.com Inc. operates online marketplace serving local merchants and consumers in China. It offers housing rental, recruitment, second-hand product, travel, catering, entertainment, and group-buying information. 58.com Inc. is based in Beijing, China.”

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