NetEase

NTES · NASDAQ

$118.61−$0.06 (−0.05%)TodayMarket closed · Oct 23, 7:30 PM ET

Prev close $118.67

NTES analyst rating

BuyConsensus of 3 analysts over the last 12 months. 67% rate it a buy.

Strong buy0
Buy2
Hold1
Underperform0
Sell0

12-month price target · 32 analysts

Average $165.61 (+39.6% upside)

Low: $133.32
Now: $118.61
High: $214.20

Upgrades and downgrades

The latest rating actions, newest first

NTES analyst upgrades, downgrades and rating actions
Firm	Date	Action	Rating	Price target	Hit rate
Morgan Stanley	Sep 28, 2026	Maintains	Overweight	$163.00	22%
Barclays	Feb 12, 2026	Maintains	Equal-Weight	$135.00 → $132.00	43%
Barclays	Nov 21, 2025	Maintains	Equal-Weight	$120.00 → $135.00	43%
Benchmark	Nov 21, 2025	Maintains	Buy	$145.00 → $158.00	48%

The case for and against

Updated May 8, 2025

Bull case

NetEase's games revenue experienced a 2% year-over-year growth in Q4, primarily driven by a remarkable 59% increase in PC games, facilitated by the return of popular Blizzard titles and the success of established games alongside new releases. The company anticipates sustained growth for PC games in the upcoming fiscal year, with a projected increase of 32% year-over-year for FY25, reflecting strong performance and engaging player dynamics. Management's confidence in enhancing player engagement through improved domestic operations and localization efforts further supports a positive outlook for the company's overall gaming segment, prompting an upward revision of its overall games growth projection to 6.5% year-over-year for FY25.

Bear case

NetEase's financial outlook is negatively impacted by a significant decline in mobile game revenue, which fell 10% year-over-year in the fourth quarter due to a lack of both strong existing titles and new game launches. The company faced downward pressures across various business segments, with Youdao, Cloud Music, and other revenues declining by 10%, 5%, and 17% year-over-year, respectively, suggesting a broad-based weakening in performance. Compounding these issues, the gross profit margin decreased to 60.8% due to increased reliance on licensed games with lower margins, leading to lowered revenue projections for both fourth quarter and full-year growth.

Information on this page is provided for informational purposes only and is not a recommendation to buy, sell or hold any security. Investing involves risk, including possible loss of principal. Market data is delayed at least 15 minutes and is provided without warranty. Analyst ratings, price targets and company data come from third-party sources. Past performance does not guarantee future results.