UPDATE: Oppenheimer Raises Netease.com's PT

According to a research report published this morning, Oppenheimer has increased Netease.com's

PT from $70 to $72. In the report, Oppenheimer said, "NTES's 1Q net revenues were in line with our and consensus expectations while nonGAAP EPADS were significantly above our and consensus estimates on highern gross and operating margins, particularly lower S&M spending. Robust revenue growth of 36% y/y was driven mainly by strong game growth with strong performance of its new games such as Ghost and Tianxia III offsetting a decline in revenue from WoW. We're raising our earnings estimates to reflect our higher margin assumptions while keeping revenue estimates largely unchanged." Oppenheimer maintains its Outperform rating on Netease.com, which is currently trading at $58.79.