UPDATE: Piper Jaffray Raises PT to $69 on NetEase.com; Robust Game Pipeline

Piper Jaffray increases its price target from $67 to $69 on NetEase.com NTES. The rating on shares is reiterated at Overweight. Piper Jaffray comments, "We continue to be buyers of NTES shares after the company reported solid 1Q results. Looking into FY12, we believe the company will continue its growth momentum on the heels of its growing online game business backed by its expanding self-developed game portfolio and diversified game genres. With the introduction of more value added services and products, such as online video, we expect the company will likely transform itself over time from an online portal to an Internet platform by leveraging its growing user base." NTES closed at $57.69 on Wednesday.