UPDATE: Credit Suisse Initiates Coverage on Sungy Mobile on Undervalued Mobile Traffic Owner

In a report published Wednesday, Credit Suisse analyst Dick Wei initiated coverage on Sungy Mobile (NASDAQ: GOMO ) with an Outperform rating and $23.00 price target. In the report, Credit Suisse noted, “Unique traffic owner in global mobile internet. We initiate GOMO with an OUTPERFORM rating and a target price