Morgan Stanley Sees In-Line 1Q Earnings For NetEase
In a report published Thursday, Morgan Stanley analyst Philip Wan reiterated an Overweight rating on NetEase (NASDAQ: NTES), but removed the $79.00 price target.
In the report, Morgan Stanley noted, “Total net revenues were Rmb2.4bn, down 2% QoQ but up 10% YoY, 1% below our estimates. Operating profit grew 6% QoQ and 5% YoY with operating margin at 48% (vs. 45% last quarter and 51% a year ago), in line with our forecast. Diluted EPS was US$1.43 (+9% YoY), 2% below our estimates due to a higher effective tax rate.”
NetEase closed on Wednesday at $71.04.
Latest Ratings for NTES
|Jan 2017||Bernstein||Initiates Coverage On||Underperform|
|Jan 2017||Standpoint Research||Upgrades||Hold||Buy|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.