UPDATE: Bank of America Initiates Dangdang with Buy on Compelling Valuation, Risk/Reward Upside

In a report published Thursday, Bank of America analyst Binnie Wong initiated coverage on E-Commerce China Dangdang (NYSE: DANG ) with a Buy rating and $7.00 price target. In the report, Wong noted, “Dangdang, one of the leading online retailers in China, is our new Buy with a DCF-based PO