JPMorgan analyst Alex Yao is "incrementally more positive" on NetEase given the company's "strong" game revenue momentum in Q3 and the "solid" new mobile game performance from Ancient Nocturne/Night Falls: Survival in Q4. The analyst expects NetEase's growth momentum to continue in Q4 on contribution from new games and he views the stock's valuation as attractive. Yao keeps an Overweight rating on the name with a $265 price target.
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