Morgan Stanley analyst Alex Poon upgraded NetEase (NTES) to Overweight from Equal Weight with a price target of $108, up from $90. The company’s” strong” PC game pipeline should drive an earnings turnaround, the analyst tells investors in a research note. The firm says PC games have become a “growth engine” for NetEase, citing sustained record high grossing from Blizzard games after being reintroduced to China. It also sees potential strong international revenue from the recently launched PC game Marvel Rivals and the potential launch of FragPunk in Q1.
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