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Momo Stock Higher, Coverage Initiated at JPMorgan

NEW YORK (TheStreet) -- Shares of Momo (MOMO) were rising in early-afternoon trading on Wednesday as JPMorgan initiated coverage of the Chinese social network app operator with an "overweight" rating.

The firm has a $26 price target on the stock and said the company's expansion into live broadcasting has proven to be the right move, according to TheFly.

Momo's live broadcasting revenue has grown since the 2016 first quarter and are poised to grow further in the near term, the firm noted.

The company recently reported $99 million in revenues for the second quarter and said $57.9 million of that was...