Sungy Mobile moves up on Credit Suisse Outperform initiation

|About: Sungy Mobile Limited (GOMO)|By:, SA News Editor

Sungy Mobile (GOMO +4.2%) shares move up after Credit Suisse provides the first coverage on the name, initiating the Chinese app developer at Outperform with a $23 PT.

The firm calls Sungy a "unique traffic owner in global mobile internet ... With a reach of 87 mn Monthly Active Users and good user engagement, [GOMO's] apps offer strong distribution capability of third-party Android apps globally. In particular, GOMO's leading position in the Android launcher market and Google Play serve as a valuable entry point for domestic Internet companies to expand overseas."