NetEase Outperforms with Strong Q1 Earnings and Robust Gaming Growth: Analyst Issues Buy Rating

NetEase (NTES - Research Report), the Communication Services sector company, was revisited by a Wall Street analyst yesterday. Analyst Thomas Chong from Jefferies maintained a Buy rating on the stock and has a $129.00 price target. Thomas Chong has given his Buy rating due to a combination of factors that indicate NetEase's strong performance and potential for growth. In the first quarter of 2024, NetEase's total revenue aligned with consensus and exceeded Jefferies' estimates, demonstrating the company's capacity to meet and surpass financial expectations. Particularly noteworthy is the 7% year-over-year growth in the games and related value-added services segment, which…