HSBC Research Trims NTES-S TP to $265, Cuts 2026-2028 Earnings Forecasts by 6-7%
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HSBC Global Research has reduced its target price for NetEasefrom $289 to $265, maintaining a Buy rating. The downgrade follows an 18% year-to-date decline in the stock, attributed to lower sector valuations and a lack of new game launches. The firm cut its 2026-2028 non-GAAP net profit forecasts by 6-7%, citing reduced expectations for several mobile games. Despite anticipated weak performance in the first half of 2026, growth is expected in the second half and 2027 with new game releases.
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