UPDATE: Piper Jaffray Upgrades NetEase.com to Overweight, Raises PT to $59

A report from Piper Jaffray has upgraded the rating to Overweight and raises the price target from $55 to $59 on NetEase.com

. In the report, Piper Jaffray writes, “We are upgrading NTES shares from Neutral to OW: 1) We feel incrementally morepositive about NetEase's growth outlook in light of its expanding game portfolio and improved game pipeline visibility. 2) Our recent server count checks continue to show stable performance of NetEase's three flagship games, which collectively account for ~60% of NetEase's FY11E revenue. 3) We believe NetEase's growing game genres, coupled with its enhanced R&D capability bodes well for its leading market position." NTES closed yesterday at $43.69.