58.com Inc. (NYSE:WUBA) Now Covered by Citigroup Inc.

Investment analysts at Citigroup Inc. began coverage on shares of 58.com Inc. (NYSE:WUBA) in a report issued on Tuesday. The brokerage set a “buy” rating and a $62.00 price target on the information services provider’s stock. Citigroup Inc.’s price target points to a potential upside of 19.83% from the stock’s previous close.

Several other research firms have also recently issued reports on WUBA. Zacks Investment Research cut 58.com from a “buy” rating to a “hold” rating in a research report on Saturday, June 10th. BidaskClub upgraded 58.com from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, July 19th. TH Capital began coverage on 58.com in a research report on Wednesday, May 10th. They set a “buy” rating and a $48.00 target price on the stock. Bank of America Corporation boosted their target price on 58.com from $46.00 to $51.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 30th. Finally, TheStreet upgraded 58.com from a “d+” rating to a “c” rating in a research report on Thursday, May 11th. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $45.91.

58.com (NYSE WUBA) opened at 51.74 on Tuesday. The stock has a 50 day moving average price of $47.18 and a 200-day moving average price of $39.66. The firm’s market capitalization is $7.52 billion. 58.com has a one year low of $27.58 and a one year high of $55.28.

58.com (NYSE:WUBA) last issued its quarterly earnings results on Thursday, May 25th. The information services provider reported ($0.02) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.29) by $0.27. The firm had revenue of $288.19 million for the quarter. 58.com had a negative return on equity of 1.57% and a negative net margin of 3.18%. On average, analysts predict that 58.com will post $0.85 earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in the company. Quantbot Technologies LP bought a new stake in 58.com during the first quarter worth about $155,000. Profund Advisors LLC bought a new stake in 58.com during the first quarter worth about $214,000. Teacher Retirement System of Texas bought a new stake in 58.com during the first quarter worth about $240,000. World Asset Management Inc bought a new stake in 58.com during the first quarter worth about $255,000. Finally, Wetherby Asset Management Inc. bought a new stake in 58.com during the second quarter worth about $261,000. 66.43% of the stock is currently owned by institutional investors and hedge funds.

58.com Company Profile

58.com Inc is a holding company. The Company’s business consists of its online classifieds and listing platforms. Its online classifieds and listings platforms enable local merchants and consumers to connect, share information and conduct business in China. These platforms include 58, Ganji and Anjuke.

Analyst Recommendations for 58.com (NYSE:WUBA)

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