JPMorgan analyst Daniel Chen upgraded NetEase (NTES) to Overweight from Neutral with a price target of $190, up from $138. The firm cites a more positive view of NetEase’s 2026 key game pipelines for the upgrade. The launch of Ananta in Q3 of 2026 has the potential to become NetEase’s biggest game by revenue size, the analyst tells investors in a research note. JPMorgan believes the game has the potential to be “highly successful” in both China and overseas markets. Ananta and Sea of Remnants should power the company’s game revenue to grow 12% annually in 2026 and 2027, contends JPMorgan. The firm also believes NetEase could be eligible for Hong Kong stock connect in 2026, which could drive a further re-rating of the shares.
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