$新东方(EDU)$ had its coverageinitiated by both Deutsche Bank and JG Capital on Monday. Deutsche Bank rated the company a "Buy" set a $24.00/share price target on the stock, while JG Capital rated the company an "Overweight" and set a $24.00/share price target.

According to JagsReport.com, an analyst at JG Capital had noted,

EDU is the best way to play the growth in China's private education market. Now that the SEC has found no objections in EDU's reporting structure, we think EDU's stock price is poised for a significant recovery. We think EDU will continue to benefit from the overall economic growth and the demand for high-quality private education and English language training in China. We initiate coverage on EDU with an Overweight rating and a price target of USD $24.00, which equates to a P/E of 16x our EPS estimates of $1.49.

The good thing about EDU is the fact that not only have fraud allegations subsided, but the company seems to be headed in the right direction. If the demand for high-quality private education continues to grow at rates which surpass analysts estimates, we could easily see EDU overtake the $24.00/share price target JG Capital has set.