Goldman Sachs analyst Bill Liu upgraded NetEase (NTES) to Buy from Neutral with a price target of $368, up from $300. The shares closed Tuesday up $3.55 to $317.32. The risk/reward in owning NetEase has turned more favorable following the company’s “solid” Q3 results, Liu tells investors in a research note. The analyst sees improving fundamentals driven by better capital allocation after the sale of Kaola to Alibaba (BABA) and better games performance based on a “strong” pipeline.