NetEase.com (NTES) PT Raised to $302 at Nomura/Instinet

Nomura/Instinet analyst Jialong Shi raised the price target on NetEase.com (NASDAQ: NTES) to $302.00 (from $291.00) while maintaining a Buy rating.

The analyst commented, "NetEase (NTES) reported a solid set of 4Q18 results, with in-line revenue (up 36% y-y) and stronger non-GAAP earnings growth (up 29% y-y). The 11% beat in earnings was partially contributed by higher OPM, which in turn was generated by a smaller increase in its opex. We think NTES's top management, who are known for being very profit oriented, are likely placing more emphasis on the profitability of the incubated businesses, which has been the primary cause of margin contraction for NTES over the past three years."

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