In a report released yesterday, Atul Goyal from Jefferies maintained a Buy rating on NEXON Co, with a price target of Yen3,210.00.
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Atul Goyal has given his Buy rating due to a combination of factors including Nexon Co.’s strong performance in the second quarter, which exceeded market expectations. The company’s revenue and operating profit significantly surpassed consensus estimates, primarily driven by the success of its PC flagship titles such as Dungeon&Fighter, MapleStory, and Mabinogi Mobile, alongside MapleStory Worlds.
Despite a weaker outlook for the third quarter due to challenges in the mobile segment, Nexon Co. has initiated a share buyback program worth ¥25 billion, which reflects confidence in its long-term growth prospects. This strategic move, along with the anticipated improvement in DNF Mobile’s performance, supports the positive outlook and justifies the Buy rating.