Shares of NetEase Inc., a leading Chinese internet company, experienced a sharp pre-market plunge of 8.66% on Monday, October 8th, 2024. The decline came after analyst firm Zephirin lowered its price target for NetEase to HK$115 from HK$117 and reiterated a "Strong Sell" rating on the stock.
In its report, Zephirin cited concerns over NetEase's growth prospects and competitive landscape. The analyst firm noted that the company's online gaming business faces increasing competition from domestic and international rivals, while its other ventures have yet to gain significant traction.
The downgrade and negative outlook from Zephirin appeared to have weighed heavily on investor sentiment, leading to a selloff in NetEase's shares during pre-market trading. The company's stock closed the previous trading session at HK$146.60, but the analyst's report likely prompted traders to reevaluate their positions.
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