$易车(BITA)$ 奥本海默上调目标价至20；管理层说接下来几年能保持30%的收入增速
Bitauto management was optimistic aboutsustaining 30%+ growth over the next couple of years, driven by solid growth in underlying auto advertising spend and the on-going shift from offline to online advertising, particularly to automotive vertical website.

Chinese automotive sales grew ~13.5% in 3Q13, a rate that management believes should support healthy growth in automotive advertising spend.

We are raising our estimates for BITA modestly (see Exhibit 2, p. 2) to reflect higher revenue assumptions, driven by the continuing rebound in China passenger car sales growth (13.5% y/y in 3Q13). We’re also raising our price target from $15 to $20 to reflect higher estimates and market multiples.