UPDATE: Piper Jaffray Raises PT on NetEase.com to $55

Piper Jaffray is out with its report today on NetEase.com (NASDAQ: NTES), raising its PT to $55 from $51.

In its report, Piper Jaffray writes, "We rate NTES Neutral. We are increasing our PT from $51 to $55, based on 12x CY11E EPS plus net cash. Our prior price target was based on the same P/E multiple, albeit on lower earnings. We remain on the sidelines with respect to NTES shares due primarily to our concern over the age of NetEase's three flagship games (6-9 years old), and correspondingly, the possibility of disappointing game metrics in the quarters ahead as these games mature."

At the time of posting, shares of NTES were trading pre-market at $46.90, down 4.87% from Wednesday's close.