Susquehanna Reiterates a 'Positive' Rating on NetEase.com (NTES); Raises Price Target
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Susquehanna reiterates a 'Positive' rating on NetEase.com (Nasdaq: NTES). Price target raised to $42.
Susquehanna analyst says, "Yesterday, NetEase reported mixed 1Q09 earnings results. Net revenue came in at $113.6 mln, below our forecast of $118.7 mln and consensus of $116.3 mln. Its core game revenue beat expectations, but ad revenue missed forecasts. GAAP EPS was $0.47, a penny above consensus estimate. Non-GAAP gross margin increased two points to 83%, and non-GAAP operating margin increased four points to 65%. We believe NetEase had an outstanding quarter in terms of game growth, margin lift, and FCF generations. We reiterate our Positive rating and move our price target to $42 on NetEase shares."
NetEase.com, Inc. operates an interactive online community in China, and is a provider of Chinese language content and services through its online games, Internet portal and wireless value-added services businesses.
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