NetEase price target raised to $137 from $130 at UBS

UBS analyst Felix Liu raised the firm’s price target on NetEase (NTES) to $137 from $130 and keeps a Buy rating on the shares. NetEase reported a “good” Q3, as the strong new launches this year start to make meaningful contribution to P&L, the analyst tells investors in a research note. With the recent Banhao wins, NetEase now has 3 good-quality games scheduled for 1H24 launch, and UBS doesn’t expect the launch of Tencent’s (TCEHY) Dream Star to have a big impact on NetEase’s well diversified portfolio.