NEW YORK (TheStreet) -- Shares of Cnova (CNV) are up 2.88% to $7.49 in pre-market trading after Deutsche Bank initiated coverage on the Netherlands-based e-commerce company with a "hold" rating and a price target of $8.50.

Cnova is the seventh largest e-commerce player globally with leading positions in France and Brazil, and with several emerging market opportunities, Deutsche Bank said.

The unique competitive advantages born from the Casino Group parent company relationship should allow Cnova to continue to gain market share, they added.

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Deutsche Bank's $8.50 price target implies a premium to the closest peer B2W Companhia Digital (BTOOY) , but slightly below Mercadolibre (MELI) - Get Report , Amazon.com (AMZN) - Get Report and AO Group.

"Upside to our rating would likely come from upward estimate revisions, increased confidence in CNV's public market track record, and multiple expansion closer to MELI/AO, or improving macro in Brazil and France," analysts noted.

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