Jefferies Upgrades NetEase.com (NTES) to Buy on Favorable Risk/Reward
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Jefferies upgraded NetEase.com (NASDAQ: NTES) from Hold to Buy with a price target of $261.00 citing a more favorable risk/reward profile.
Analyst Karen Chan commented, "We see a more favourable risk/reward profile with the stock down 16% from recent peak (vs S&P +3%), trading at 14.4x FY17 P/E. We expect strong sequential recovery in 4Q16 mobile game, while Onmyoji’s overseas expansion and 2017 game pipeline announcement should be near-term catalysts. The defensive nature of game business, recently announced share repurchase and stable dividend payout should provide share price support. Upgrade to Buy; maintain PT USD261."
Shares of NetEase.com closed at $227.09 yesterday.
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Related EntitiesJefferies & Co, Standard & Poor's
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