【Citigroup: Raises NetEase Target Price to $115, Existing Game Resilience and New Game Releases are Exciting】Jin Shi Data November 19th, Citigroup published a report stating that NetEase (NTES.O) third-quarter revenue and net profit fell short of expectations, but continues to demonstrate the ability to develop and launch high-quality games. The bank raised its target price for NetEase ADR from $108 to $115, maintaining a "Buy" rating, based on attractive valuations, strong cash flow, and ongoing shareholder returns. The bank views the rebound of (Fantasy Westward Journey) PC game and the positive reputation of (Naraka: Bladepoint), as well as the launch of (Marvel Duel) as strong investment justifications for stable profit visibility next year. The bank believes that NetEase's existing game performance is resilient and new game releases are exciting, raising revenue forecasts for this year and next by 1.1% and 3.2%, respectively, but lowering non-GAAP earnings forecasts for this year and next by 2.9% and less than 0.1%, reflecting third-quarter performance and management's comments on existing game performance, as well as future new game launches. (Source: Jin Shi Data)