Why Cheetah Mobile (CMCM) Stock Is Soaring Today

NEW YORK (TheStreet) -- Shares of Cheetah Mobile (CMCM) are soaring, up 16.86% to $18.92 on Friday.

JPMorgan  ( JPM) is one of the Chinese Internet security software company's underwriters, and launched coverage with an "overweight" rating and a price target of $26.00.

In a research note, the firm says shares have fully recovered from the big losses it saw following Cheetah Mobile's first quarter results released on June 2.  

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JPMorgan also notes the company's shares are up 32% from its $14 IPO price. 

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