Nomura Securities Maintains a 'Neutral' on Perfect World (PWRD); Core Business Weakness Creating Uncertainty

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Nomura Securities maintains a 'Neutral' on Perfect World (NASDAQ: PWRD) price target lowered to $12.00.

Analyst, Jin Yoon, said, "Perfect World’s weakness in its core business and uncertainty over its pipeline and launches will likely affect its earnings growth for FY12F, in our opinion. We cut our revenue forecast for FY12F from USD460.7mn to USD430.9mn (-7.4% y-y). We have cut our non-GAAP EPS forecast for FY12F from USD2.86 to 2.54. The cut to our FY12F earnings forecast is mainly due to a slower top-line growth forecast and lower expected margins."

For an analyst ratings summary and ratings history on Perfect World click here. For more ratings news on Perfect World click here.

Shares of Perfect World closed at $10.52 yesterday, with a 52 week range of $8.44-$23.00.

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