UPDATE: J.P. Morgan Initiates Coverage on YY on Multiple Positive Factors

In a report published Friday, J.P. Morgan analyst Alex Yao initiated coverage on YY (NASDAQ: YY ) with an Overweight rating and $47.00 price target. In the report, J.P. Morgan noted, “We initiate coverage of YY Inc with an Overweight rating and a Jun-14 PT of USD47. YY offers a