Loading...
Loading...
In a report published Tuesday, Pacific Crest Securities analyst Cheng Cheng reiterated an Outperform rating on
Perfect World Co. Ltd.PWRD, but lowered the price target from $28.00 to $24.00.
In the report, Pacific Crest Securities noted, “On a constant-currency basis, Q1 revenue of 891 million RMB was better than our estimate of 864 million RMB. After currency fluctuations, revenue of $143.3 was relatively in line with our estimate of $142.7 million. Mobile games contributed over 15% of total revenue in Q1. However, due to lower gross margin on mobile games, overall gross margin declined 150 basis points q/q versus Q4. We expect a sharp ramp of mobile game revenue in Q3 and Q4 this year and anticipate further gross-margin declines. EPS of $0.64 was better than our estimate of $0.57.”
Perfect World Co. Ltd. closed on Monday at $18.34.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Benzinga simplifies the market for smarter investing
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
Join Now: Free!
Already a member?Sign in