UPDATE: Piper Jaffray Raises PT to $66 on NetEase.com

In a company note, Piper Jaffray reiterates its Overweight rating on NetEase.com, Inc.

and raises its price target to $66 from $59 as 3Q11 sees continued growth momentum. According to Piper Jaffray, “We believe NetEase's expanding game portfolio, growing game genres, coupled with high game pipeline visibility will further strengthen its leading position in China's online game market. Further, we expect NetEase's growing advertising and wireless businesses will pave the way for the company to transform itself into a major Internet play in the future. … We are raising our 4Q11 revenue estimate from $298.1mil to $320.4mil to flow through 3Q11 outperformance, and our 4Q11 EPS estimate from $0.92 to $1.01 to reflect better operating leverage.” NTES closed at $45.70 on Wednesday.