HSBC lowered the firm’s price target on NetEase to $126 from $130 and keeps a Buy rating on the shares. The firm says it was too optimistic on this year’s growth given weak performance from the newly launched Condor Hero, revenue decline of Fantasy Westward Journey PC and the delayed launch for Where Winds Meet mobile. However, the May 20 product launch event could potentially improve earnings visibility in the second half of 2024 and 2025, driving a re-rating of the shares.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on NTES:
