NQ Mobile Inc (ADR)(NYSE:NQ) Expects Q1 Net Revenues to Exceed Guidance

NQ Mobile Inc (ADR)(NYSE:NQ) now expects Q1 net revenues to exceed the previously announced revenue guidance range of $75M-$76M, saying saw continued strength in its businesses, in particular in the enterprise segment. “The unaudited first quarter 2014 results will be released as soon as practicable,” NQ Mobile stated.

NQ Mobile Inc (ADR)(NYSE:NQ) announced that it has entered into a definitive agreement to sell a minority interest in its wholly owned subsidiary, FL Mobile. Specifically, NQ Mobile has signed a definitive agreement to sell up to 5.88% of FL Mobile, or up to a total of $25M, consisting of $15M to Bison Mobile Limited, a division of Bison Capital Co Ltd and $10M from other investors, at a pre-money valuation of $400M dollars or post-money valuation of $425M. The funds will be used to further expand and enhance the FL Mobile business, brand and content. The investment has a redemption right if FL Mobile does not complete a qualified IPO within 12 months after the investment is completed.

Analysts have a consensus price target of $23 on NQ Mobile Inc (ADR)(NYSE:NQ)which indicates a 210% upside. The consensus rating of the stock is a HOLD with a score of 2.14. There are currently 3 Buy ratings, 2 hold ratings and 2 sell rating on the stock. A recent analyst action consisted of Topeka Capital Markets reiterating their Buy rating and $33 price target on May 16th, 2014.

Leave a Reply

Your email address will not be published. Required fields are marked *

*

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>