From Earlier: Credit Suisse Raises NetEase PT, Reiterates Outperform: Smartphone Market Unlikely

Credit Suisse raised its NetEase

price target from $64 to $70 and reiterated its Buy rating in a research report published today. In the report, Credit Suisse stated, "CEO William Ding first time admitted that NetEase is considering to develop smartphone. Since NetEase has lots of popular apps, i.e. NetEase News, Youdao dictionary, and large scale game user base, it is likely to develop smartphones mainly focusing on their core user group. Given prudent business approaches, we do not believe NetEase will take risky strategies to enter smartphone market." Shares of NetEase were trading at $60.64 at the time of posting, up 5.11% from Wednesday's market close.