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USB Piper Upgrades to 'Outperform'

USB Piper upgraded (NTES) to outperform from market perform.

Analyst Safa Rashtchy says revenues are up 15% sequentially, despite flat gaming revenues impacted by SARS, and a temporary shutdown of many Internet cafes. He notes the 28 cents EPADS beat his 25 cents estimate, driven by upside in ad revenues. He thinks online advertising in China is accelerating, driven by a rapidly increasing Internet population, and increased advertiser interest in reaching the young population, especially for electronics products.

Rashtchy raised the $64.2 million 2003 revenue estimate to $69.5 million, and raised the $1.08 EPADS to $1.22. He raised the $98.5 million 2004 revenue estimate to $115.4 million, and upped the $1.29 EPADS to $1.77. He also raised the $37 target to $54.

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