Brean Capital Raises Price target on NetEase (NTES) to $310 Following EPS Beat
- Indexes hit record highs as Trump rally continues
- Unusual 11 Mid-Day Movers 12/8: (COOL) (TLRD) (DRAM) Higher; (SHIP) (OHRP) (MLSS) Lower
- Lower for longer, ECB scales back asset buys
- lululemon athletica (LULU) Tops Q3 EPS by 4c; Adj.-Comps Outpaced Views
- Oil rises above $50 on renewed hopes for output cuts
News and research before you hear about it on CNBC and others. Claim your 2-week free trial to StreetInsider Premium here.
Brean Capital reiterated a Buy rating on NetEase.com (NASDAQ: NTES), and raised the price target to $310.00 (from $235.00), following the company's 3Q earnings report. Total net revenue for 3Q16 was RMB 9.21bn, trailing consensus expectations of RMB 9.68bn. Non-GAAP EPS for 3Q16 was RMB 22.82 ($3.42), topping consensus of $3.22 by 20 cents.
Analyst Fawne Jiang commented, "We are positive on NTES and believe the company presents a unique investment opportunity for investors with its strong focus on quality, robust growth outlook and attractive risk/reward profile. NTES’ unwavering commitment to provide quality products and experience to its users across all segments continues to enhance its platform value and offers ample room for growth down the road. In the coming quarters, we are particularly excited about new game contribution from top ranked Onmyoji, Ghost, Overwatch and WoW, while ecommerce growth should remain robust amid secular consumption upgrades in China. It is also encouraging to see that the company starts to flex its muscles with ambitions on the global markets. As such, we reiterate our Buy rating on NTES stock and raise our TP to $310. We expanded our multiples on valuation upon our increasing confidence in the company’s mid/long-term growth outlook and its continued consolidation of the market. Over the longer term, when NTES showcases its capability as a global leading game player, we see further multiple expansion opportunities through closing the gap with the global leading players."
Shares of NetEase.com closed at $251.86 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Stifel Downgrades Timken (TKR) to Hold
- lululemon athletica (LULU): Skeptics Are Quieter - Wedbush
- Stifel Raises Price Target on Clean Harbors (CLH) to $60; Reiterates Buy
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesEarnings, Brean Capital
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!