NEXON Co (NEXOF – Research Report), the Communication Services sector company, was revisited by a Wall Street analyst today. Analyst Atul Goyal from Jefferies maintained a Buy rating on the stock and has a Yen2,867.00 price target.
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Atul Goyal has given his Buy rating due to a combination of factors including Nexon Co.’s strong first-quarter performance, which exceeded expectations. The company’s operating profit of ¥41.6 billion marked a significant 43% year-over-year increase, surpassing both the midpoint guidance and consensus estimates. This impressive result was largely driven by the strength of its core intellectual properties, particularly DNF and MapleStory, despite some declines in other franchises.
Looking ahead, while the second-quarter operating profit guidance indicates a year-over-year decline, the overall outlook remains positive. Nexon’s performance in China showed a mixed picture with DNF PC recovering, though DNF mobile did not meet expectations. Nevertheless, the robust performance of its key franchises supports a favorable long-term view, justifying the Buy rating.
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