UPDATE: JP Morgan Cuts PT to $3.70 on Shanda Games on Lack of Clarity to Pipeline

JP Morgan maintained Shanda Games

with a Neutral and lowers the price target from $3.80 to $3.70. JP Morgan said, "GAME reported inline 4Q12 revenues. Bottom line was lower than expected, due to a 20% Eyedentity share disposal. In Q4, mobile games and overseas revenue surprised on the upside, however, domestic revenue remains sluggish. Mobile game “Million Arthur” topping Korean game chart. We do not expect any near-term earnings surprises. … Without more clarity on new hit games as share price driver, we expect the stock to trade sideways." Shanda Games closed at $3.01 on Monday.