Jefferies analyst Karen Chan lowered her price target for NetEase to $310 from $335, while reiterating a Hold rating on the shares. The analyst remains long-term positive on its gaming franchise and expects mobile games to resume quarter over quarter growth in Q1, but notes she will need further evidence of either more new hits or newly-launched titles performing better in order to justify upside to her 20% FY18 mobile game growth forecast. Rising competition for gamer time spent, increased promotional effort and revenue mix change poses downside risk to FY18/19 consensus earnings, Chan contends.