0457 GMT - NetEase's PC games may overtake mobile games as the key growth driver in the near term, say HSBC analysts in a research note. HSBC cuts its mobile game revenue forecast for NetEase. The company's PC game revenue has been supported by robust results from Blizzard's "World of Warcraft." Higher contributions from the lower-margin Blizzard games may weigh on NetEase's bottom line. "But we like NTES's game development capability and efforts to diversify into more high-DAU titles, which should pave way for more sustainable growth in the long run," the bank says.It maintains a buy call on NetEase but lowers its ADR target to US$110.00 from US$120.00. The ADRs last closed at US$78.89. (sherry.qin@wsj.com)
(END) Dow Jones Newswires
October 25, 2024 00:57 ET (04:57 GMT)
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