[I-bank focus]Citi starts Lenovo (00992) at "buy" and HK$14

    Citi Research initiated coverage of Lenovo Group (00992) with a "buy" rating, and a target price of HK$14.
  Citi said its bullish view on Lenovo is underpinned by (1) a proven record in delivering post-acquisition synergies; (2) mobile business growth enabled by Motorola Mobility's smartphone-related intellectual property .
  Given a more favorable product mix expanding to server and smartphone, the research house forecast FY2016 and FY2017 GAAP EPS to grow 36% and 39%. It also expects a faster
turnaround (low-end of the cited 4-6 quarters) of Lenovo's mobile division.