In a report published Wednesday, Piper Jaffray analyst Mark A. Marostica reiterated an Overweight rating on Perfect World PWRD, and raised the price target from $14.00 to $15.00.
In the report, Piper Jaffray noted, “We maintain our OW rating primarily on valuation and our belief that 2H13/FY14 will see a recovery in game metrics and improved margins, supported by relatively stable performance from Zhu Xian (~25% of revenue) and Perfect World II (~15% of revenue). Bolstering our positive view on the stock is Perfect World's rich pipeline of new games slated for launch in Q2 and 2H13. We are raising our PT from $14 to $15 (4.6x FY14E EPS + net cash is unchanged) due to an increase in our earnings estimates.”
Perfect World closed on Tuesday at $12.94.
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