JPMorgan upgrades NetEase into new game launch cycle

JPMorgan analyst Daniel Chen upgraded NetEase to Overweight from Neutral with a price target of $100, up from $85. The share price is down 8% since the Q4 report but the company is entering a new game launch cycle in March, the analyst tells investors in a research note. The firm believes the selloff creates a buying opportunity into the new game cycle. It also has turned more positive on the sustainability of Eggy Party after its "resilient performance" post the Chinese New Year.