China’s Netease $NTES Earnings Westward Journey

Super Harley

CLSA downgrade NTES shares to Underperform

Says slowdown in online games where revenue fell 12% Q/Q and e-commerce’s drag on the company’s margins.

The stock’s not cheap at a 21 P/E ratio, says analyst Man Ho Lam, who has a price target of $340 which is 7.9% upside from yesterday’s close, and now 18.5% upside from today’s lower price.