Analysts at Citigroup assumed coverage on shares of Ninetowns Internet Technlgy Grp (NASDAQ:NINE) in a research note issued on Monday, MarketBeat reports. The brokerage set a “buy” rating and a $40.00 price target on the stock. Citigroup’s price objective points to a potential upside of 35.00% from the company’s current price.

A number of other equities research analysts also recently issued reports on NINE. Credit Suisse Group cut their target price on shares of Ninetowns Internet Technlgy Grp from $36.00 to $34.00 and set an “outperform” rating for the company in a research report on Tuesday, August 14th. Zacks Investment Research upgraded shares of Ninetowns Internet Technlgy Grp from a “strong sell” rating to a “hold” rating in a research report on Wednesday, August 15th. Piper Jaffray Companies set a $40.00 target price on shares of Ninetowns Internet Technlgy Grp and gave the stock a “buy” rating in a research report on Friday, August 17th. Wells Fargo & Co reiterated a “positive” rating and issued a $45.00 target price on shares of Ninetowns Internet Technlgy Grp in a research report on Tuesday, October 16th. Finally, Raymond James increased their target price on shares of Ninetowns Internet Technlgy Grp from $39.00 to $48.00 and gave the stock a “strong-buy” rating in a research report on Tuesday, October 16th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and eight have issued a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus price target of $37.04.

Shares of NASDAQ:NINE opened at $29.63 on Monday. Ninetowns Internet Technlgy Grp has a 52 week low of $22.23 and a 52 week high of $40.39.

Ninetowns Internet Technlgy Grp (NASDAQ:NINE) last issued its quarterly earnings results on Tuesday, November 13th. The company reported $0.56 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.57 by ($0.01). The company had revenue of $218.43 million for the quarter, compared to analyst estimates of $215.78 million.

A number of hedge funds have recently added to or reduced their stakes in NINE. Macquarie Group Ltd. bought a new position in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at $162,000. Proxima Capital Management LLC bought a new position in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at $224,000. Los Angeles Capital Management & Equity Research Inc. bought a new position in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at $226,000. California Public Employees Retirement System bought a new position in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at $228,000. Finally, Rhumbline Advisers bought a new position in shares of Ninetowns Internet Technlgy Grp during the 2nd quarter valued at $249,000.

About Ninetowns Internet Technlgy Grp

Ninetowns Internet Technology Group Company Limited is a software company that enables enterprises and trade-related People’s Republic of China Government agencies to streamline the import/export process in China. It operates in four segments: enterprise software and related maintenance services , software development services segment, B2C e-commerce and, and real estate development.

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Analyst Recommendations for Ninetowns Internet Technlgy Grp (NASDAQ:NINE)

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