Fly News Breaks for August 12, 2019
Aug 12, 2019 | 06:57 EDT
Goldman Sachs analyst Bill Liu downgraded NetEase to Neutral from Buy after the company's Q2 revenues missed consensus, mainly on soft online games growth. He doesn't expect China's regulatory environment to improve until 2020, which will continue to limit the supply of new games in the rest of this year. Given the weaker outlook for online games, along with a deceleration in e-commerce growth, Liu lowered his 2019 and 2020 revenue forecasts for NetEase by 4%and 6%, respectively, and cut his price target on the stock to $270 from $293.
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