NetEase price target lowered to $105 from $120 at Benchmark

Benchmark lowered the firm’s price target on NetEase (NTES) to $105 from $120 and keeps a Buy rating on the shares after the company delivered “disappointing” Q3 results, primarily due to underperformance in mobile games. The firm has revised its FY25 game growth projection down to 5% year-over-year from a prior estimate of 8% and also lowered its price target to reflect these updated growth estimates and multiple adjustments.