摩根士丹利：上调网易美股目标价4%至151美元 重申“增持”评级

Core Viewpoint - Morgan Stanley has raised the target price for NetEase's U.S. stock by 4% to $151, reiterating an "Overweight" rating due to the company's favorable position in the gaming sector amidst a shifting competitive landscape [1] Company Summary - NetEase (NTES.O) is seen as well-positioned to benefit from the recent outflow of funds from the food delivery sector, with strong business development supporting its performance [1] - For the second quarter, Morgan Stanley anticipates a 12% year-over-year increase in NetEase's gaming revenue and a 20% growth in adjusted earnings [1] - The market's expectations for second-quarter earnings are influenced by the potential reduction in marketing expenses; however, Morgan Stanley believes this is not a significant concern as NetEase has provided guidance on its long-term marketing expense ratio [1] - The focus should be on NetEase's revenue growth and product line expansion, particularly in overseas markets [1]