Piper Jaffray Reiterates Overweight Rating for Perfect World Co Ltd (PWRD)

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Perfect World Co Ltd (NASDAQ: PWRD)‘s stock had its “overweight” rating reaffirmed by analysts at Piper Jaffray in a research report issued to clients and investors on Wednesday, Analyst Ratings Network reports. They currently have a $15.00 price target on the stock, up from their previous price target of $14.00. Piper Jaffray’s target price indicates a potential upside of 15.92% from the stock’s previous close.

The analysts wrote, “We maintain our OW rating primarily on valuation and our belief that 2H13/FY14 will see a recovery in game metrics and improved margins, supported by relatively stable performance from Zhu Xian (~25% of revenue) and Perfect World II (~15% of revenue). Bolstering our positive view on the stock is Perfect World’s rich pipeline of new games slated for launch in Q2 and 2H13. We are raising our PT from $14 to $15 (4.6x FY14E EPS + net cash is unchanged) due to an increase in our earnings estimates.”

Shares of Perfect World Co Ltd (NASDAQ: PWRD) traded up 11.51% during mid-day trading on Wednesday, hitting $14.43. Perfect World Co Ltd has a 52 week low of $8.92 and a 52 week high of $13.33. The stock’s 50-day moving average is currently $10.59. The company has a market cap of $698.5 million and a P/E ratio of 7.09.

Perfect World Co Ltd (NASDAQ: PWRD) last posted its quarterly earnings results on Tuesday, May 28th. The company reported $0.49 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.47 by $0.02. The company had revenue of $100.60 million for the quarter. During the same quarter last year, the company posted $0.72 earnings per share. Perfect World Co Ltd’s revenue was down 11.8% compared to the same quarter last year. Analysts expect that Perfect World Co Ltd will post $9.43 EPS for the current fiscal year.

A number of other firms have also recently commented on PWRD. Analysts at Barclays Capital reiterated an “equal weight” rating on shares of Perfect World Co Ltd in a research note to investors on Wednesday. They now have a $14.00 price target on the stock, up previously from $12.30. Separately, analysts at Zacks upgraded shares of Perfect World Co Ltd from an “underperform” rating to a “neutral” rating in a research note to investors on Tuesday, May 14th. They now have a $12.80 price target on the stock. Finally, analysts at Zacks downgraded shares of Perfect World Co Ltd from a “neutral” rating to an “underperform” rating in a research note to investors on Thursday, March 14th. They now have a $10.10 price target on the stock.

Eight equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $14.00.

Perfect World Co, Ltd. is an online game developer and operator in People’s Republic of China. The Company primarily develops online games based on its game engines and game development platforms.



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