UPDATE: Topeka Reiterated PT for NQ Mobile After Muddy Waters Allegation

Topeka analyst Frederick Ziegal reiterated the PT of $33.50 for NQ Mobile Inc. (NYSE: NQ) after NQ addressed fraud allegations during a conference call. The company said that the Muddy Waters' allegation was false

Oppenheimer downgraded NQ mobile and removed the PT today due to an expected overhang of the Muddy Waters report controversy. Oppenheimer noted that “the report did provide some anecdotal evidence supporting these allegations.”

Yesterday, shares fell as much as 63 percent. NQ mobile closed at 12.09 on Thursday and is currently trading -4.47 percent.