Morgan Stanley says NetEase today announced the pushback of Where Winds Meet PC’s release to sometime in 2024 versus July. The firm believes the delay is due to the unsatisfactory gamer feedback from the PC testing ended on June 22, involving graphics and battle mechanism imbalance. However, Morgan Stanley does not view the delay as a major negative, saying the consensus has not built much expectation into the game due to its PC-only release and free-to-play monetization setup. Further, the pushback of the PC version to be released together with its mobile version should create a bigger impact on user engagement and grossing, adds the firm. The analyst keeps an Equal Weight rating on NetEase with a $100 price target.
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