Deutsche Bank Upgrades The9 Limited (NCTY) to Buy
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Deutsche Bank upgrades The9 Limited (Nasdaq: NCTY) from Hold to Buy. Price target lowered from $28 to $25.
Deutsche analyst says, "Near-term positive for stock price IF The9 can secure WoW. We believe the biggest variable holding The9's stock price back is the ongoing negotiation to renew the company's biggest revenue driver, World of Warcraft (WoW). We infer, after recent checks with company management, that the negotiation is progressing well. We also see other stock catalysts. As such, we believe the current valuation of 8.1x 2009E PE (4.7x ex-cash) is compelling (40%+ upside potential) despite other slight headwinds we mentioned in our last report."
The9 Limited (The9) is an online game operator in China. The Company’s business is primarily focused on operating massively multiplayer online role-playing games (MMORPGs), including World of Warcraft (WoW) and other games in China.
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