Shares of 24/7 Real Media Inc. (NASDAQ: TFSM) rallied on Tuesday as Pacific Growth Equities initiated coverage of the firm.
The New York-based firm rose 23 cents, or 2.9 percent on the Nasdaq Stock Exchange, reaching $8.27 in afternoon trading.
Pacific Growth's Yun Kim believes the firm is in a unique position to capitalize on advertising growth expected in Asia.
We believe TFSM represents one of the best growth stories in the online advertising industry, she wrote.
Its highly regarded search engine marketing (SEM) services provide the foundation for its rapid expansion into the Asian market, which we believe will help maintain the companyâ€™s current revenue and earnings growth rates meaningfully above the industry.
The firm's technology allows advertisers to target websites, as well as help customers find proper keywords and bid amounts for their advertising campaigns.
Yun initiated coverage with a Buy rating, and estimates fair value for the stock at $11.