Jefferies Raises Price Target on NetEase (NTES) to $261 Following 3Q
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Jefferies reiterated a Hold rating on NetEase.com (NASDAQ: NTES), and raised the price target to $261.00 (from $245.00), following the company's 3Q earnings report. Total revenue came in at RMB9.2bn, 4.6% below consensus. Non-GAAP net income was RMB3bn, 4.6% above consensus. The company announced a quarterly dividend of USD0.78 per ADS for 3Q16, with a pay-out ratio of 25%.
Analyst Karen Chan commented, "Netease reported 3Q16 revenue miss and moderate profit beat. We give credit to its strong development capability with Onmyoji being ranked the no.1 mobile game by grossing in Oct. However, with the stock trading at 16x 12-mo. forward P/E based on our est. and Onmyoji’s product lifecycle being the biggest uncertainty, we would await a better risk/reward entry point. Maintain Hold; PT revised up to USD261 (from USD245)."
Shares of NetEase.com closed at $251.86 yesterday.
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