Citigroup: Netease's gaming business may strengthen in 2026, raising target price.

Citigroup analysts' research report stated that NetEase's gaming business may strengthen in 2026. These analysts believe that the stable total revenue brought by Eternal Games and the upcoming release of "Infinite" should provide support for NetEase's game portfolio. The analysts pointed out that during the post-earnings conference call, management did not share the exact release date of this game, but mentioned that overall development work is steadily progressing. Citigroup maintains a buy rating on NetEase, but has raised its American Depositary Receipt (ADR) target price from $158.00 to $161.00 as the bank is optimistic about the increasing resilience and sustainability of NetEase's Eternal series of games, as well as the increasing diversification of its game product portfolio. They added that NetEase is steadily expanding its global market share and providing continuous returns for shareholders.