NEW YORK—Chinese Internet gaming stocks traded mixed Wednesday, with Perfect World Co.'s stock rising after an Oppenheimer & Co. analyst raised his estimates and price target for the stock.
In a note to investors late Tuesday, Oppenheimer analyst Paul Keung increased his 2008 and 2009 earnings-per-share estimates for Perfect World to $1.54 and $1.97, from $1.31 and $1.60, respectively. He also increased his price target for the shares to $35 from $32.
The analyst said the changes stemmed from another strong quarter -- the company reported its fourth-quarter results in late February -- and positive channel checks.
Going forward, Keung said checks suggest "Chi Bi," which is due to be released by early April, "will contribute meaningful revenue in (the second half of 2008) and beyond."
"We have more conservative expectations for 'Hot Dance Party,' which remains in testing," he said.
Here's how key Chinese online gaming companies fared in trading on Wednesday:
Perfect World Co. American Depositary Shares, up $1.15, or 4.6 percent, to $26.30
Shanda Interactive Entertainment Ltd. ADS, down a penny to $30.77
NetEase.com Inc. ADS, down 5 cents to $20.44
Giant Interactive Group Inc. ADS, up 18 cents to $10.47
The9 Ltd. ADS, down $1.56, or 7.4 percent, to $19.59
