Bernstein lowered the firm’s price target on NetEase (NTES) to $155 from $160 and keeps an Outperform rating on the shares. NetEase’s Q3 results showed a P&L that fell short of consensus estimates, the analyst tells investors in a research note. The firm added that the company is making sensible moves, and key games are nearing a bottom, and the risk-reward around the shares has improved.
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