NetEase price target raised to $117 from $112 at Jefferies

Jefferies analyst Thomas Chong raised the firm’s price target on NetEase to $117 from $112 and keeps a Buy rating on the shares. The analyst expects PC games to be another driver to domestic gaming revenue during summer vacation. For NetEase, the firm raised revenue estimates and the price target on success of Justice mobile and Racing Master. It expects both to drive upside to 2023 and 2024 estimates.