Piper Jaffray Maintains Neutral on NetEase.com

Piper Jaffray is out with its report today on NetEase.com (NASDAQ: NTES), maintaining Neutral.

In its report, Piper Jaffray writes, "Today, September 8, we attended NetEase's investor day at the company's Hanghzou R&D center. While we believe pipeline visibility is improving, we remain on the sidelines with respect to NTES shares due primarily to valuation, our concern over the age of NetEase's three flagship games (6-9 years old), and correspondingly, the potential of disappointing game metrics in the quarters ahead as these games mature. We maintain our Neutral rating and $55 price target (12x CY11E EPS plus net cash)."

At the time of posting, shares of NTES were trading pre-market at $48.90, down 0.55% from Wednesday's close.