Jefferies analyst Karen Chan downgraded NetEase to Hold from Buy and lowered her price target for the shares to $245 from $254. While the company's mobile game growth reaccelerated to 40% in Q4 on an easier comp and new title contribution, the longevity of recent releases and uncertainty of Diablo Immortal launch time cloud the outlook, Chan tells investors in a post-earnings research note. When coupled with online music and education investments, the analyst cut her fiscal 2019 earnings estimate by 16%. Downside to consensus numbers and a lack of near-term catalysts may put an overhang on NetEase shares, the analyst contends.