UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT for Perfect World
In a report published earlier today, Morgan Stanley reiterated its Overweight rating for Perfect World Co., Ltd. (NASDAQ: PWRD), but lowered its price target from $18.40 to $16.70.
Morgan Stanley went on to say “Despite a softer 2Q outlook, we believe Perfect World offers deep value, as it trades at only ~4x 2012e P/E, with net cash (post dividend) accounting for 55-60% of its market value. The stock offers a 5-7% recurring dividend yield. We are waiting for games launch in 2H, which may serve as catalysts.”
Perfect World Co., Ltd. closed yesterday at $11.50.
Latest Ratings for PWRD
|Aug 2014||Morgan Stanley||Upgrades||Equalweight||Overweight|
|Jul 2014||Citigroup||Initiates Coverage on||Neutral|
|Aug 2013||Morgan Stanley||Downgrades||Overweight||Equal-weight|
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