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Piper Jaffray Reiterates Outperform on

Piper Jaffray reiterates (NTES) outperform.

Analyst Safa Rashtchy says the company posted solid quarter with strong growth in the gaming segment, which rose 23% quarter-over-quarter on expansion of new service packs and seasonal strength.

He notes, while the company's wireless segment remains weak, it now represents only 10% of revenues. He sees the gaming business, which was the company's most consistent, strongest growth business, accounting for 80% of 2005 revenues, vs. just 50% at the start of 2004.

Rashtchy keeps his 2005 earnings per share estimate at $2.30 due to a 1 time research and development charge in the first quarter which is expected rise in share count. But excluding these items, Rashtchy notes he would have upped 2005 earnings per share by about 20 cents due to its strong gaming segment.

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