Goldman Sachs likes these 2 mobile gaming stocks set for 'blockbuster' launches, gives one 40% upside

📆 26/04/2024 00:40:00
📰 CNBC

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Tencent Holdings Ltd,Tencent Holdings Ltd,Netease Inc

The second quarter is 'set to be an accelerating quarter with blockbuster title launches' for the two global names, the investment bank's analysts say.

Investors seeking exposure to China's growing mobile gaming industry should look at technology giants Tencent and NetEase , according to Goldman Sachs. The investment bank expects "China to see faster growth from mid 2024 supported by game launches and a loosening regulatory environment." Goldman's optimism on Tencent and NetEase despite expectations that both companies will have a slow first quarter "given lack of new game contributions and a high base last year.

The median price target of 58 analysts polled by FactSet points to a 21% upside for the stock. Among the analysts, 56 having a buy or overweight rating, one has a hold rating and one has a sell rating. NetEase NetEase posted a 16% year-on-year rise in domestic sales growth and 1% rise in international sales growth last month, Goldman's analysts noted. They are now expecting shares in the tech giant to rise by around nearly 40% to $129 in the next 12 months.

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