UPDATE: Oppenheimer Raises Netease.com's PT

According to a research report published earlier today, Oppenheimer has increased Netease.com Inc.'s

PT from $60 to $70. In the report, Oppenheimer said, “After market close on Tuesday, NTES and Blizzard Entertainment jointly announced that they have renewed their licensing agreement on World of Warcraft (WoW) in mainland China for an additional three years. The announcement was largely consistent with our expectation that the licensing agreement would be renewed, thus removing some of the uncertainty for NTES's online gaming operation.” Oppenheimer maintains its Outperform rating on Netease.com, which closed yesterday at $58.11.