For what it's worth, From August 9:
We are incrementally more positive on NQ after digesting Q2 and speaking with management. Key takeaways: 1) revenue growth trajectory heading into 2013 is much higher than we expected, based on upcoming ramp of new distribution agreements; raising forecast, but still see an upward bias; 2) reducing EPS forecast for 2012, but holding firm for 2013; 3) NQ mentioned it has begun working with Vodafone, intriguing because Vodafone is the world's second largest telecom company based on both subscribers and revenue; and 4) NQ stated that early results from the soft launch period across Verizon-linked TCC stores has exceeded their expectations - an important observation heading into a frenetic distribution launch period in the next 12 months. NQ Mobile is one of the most profitable subscription businesses we know of that is growing revenue above 50%, and deserves some latitude to invest for ongoing growth. Overweight, PT $17.
See whole report as attachment