Today: YY Inc. (YY) Coverage Initiated at Bank of America Corp.

Today: YY Inc. (YY) Coverage Initiated at Bank of America Corp.

Research analysts at Bank of America Corp. initiated coverage on shares of YY Inc. (NASDAQ:YY) in a note issued to investors on Monday. The brokerage set a “buy” rating and a $60.00 price target on the stock. Bank of America Corp.’s target price points to a potential upside of 28.10% from the company’s previous close.

A number of other research firms have also commented on YY. Zacks Investment Research upgraded shares of YY from a “sell” rating to a “hold” rating in a research note on Thursday, September 8th. HSBC started coverage on shares of YY in a research note on Monday, October 31st. They issued a “buy” rating and a $61.00 price objective on the stock. JPMorgan Chase & Co. restated an “overweight” rating on shares of YY in a research note on Wednesday, October 26th. Finally, Credit Suisse Group AG started coverage on shares of YY in a research note on Wednesday, September 14th. They issued an “outperform” rating and a $64.00 price objective on the stock. Two equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Buy” and an average target price of $61.75.

Shares of YY (NASDAQ:YY) traded down 4.40% during trading on Monday, hitting $44.78. The stock had a trading volume of 525,336 shares. YY has a 12-month low of $31.07 and a 12-month high of $65.53. The stock’s 50-day moving average is $49.38 and its 200-day moving average is $45.66. The stock has a market cap of $2.47 billion, a price-to-earnings ratio of 16.34 and a beta of 1.24.

Hedge funds and other institutional investors have recently modified their holdings of the company. Price T Rowe Associates Inc. MD acquired a new stake in shares of YY during the third quarter worth approximately $53,593,000. Davis Selected Advisers boosted its position in shares of YY by 246.0% in the second quarter. Davis Selected Advisers now owns 1,201,635 shares of the company’s stock worth $40,699,000 after buying an additional 854,384 shares during the last quarter. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of YY during the third quarter worth about $43,583,000. Fiera Capital Corp acquired a new position in shares of YY during the second quarter worth about $21,032,000. Finally, BlackRock Fund Advisors increased its stake in shares of YY by 140.6% in the second quarter. BlackRock Fund Advisors now owns 590,718 shares of the company’s stock valued at $20,008,000 after buying an additional 345,152 shares during the period. Institutional investors own 41.43% of the company’s stock.

YY Company Profile

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