Piper Jaffray Maintains Neutral on NetEase.com

Piper Jaffray is out with its report today on NetEase.com (NASDAQ: NTES), maintaining Neutral.

In a note to clients, Piper Jaffray writes, "While we believe pipeline visibility is improving, we remain on the sidelines with respect to NTES shares due primarily to our concern over the age of NetEase's three flagship games (6-9 years old), and correspondingly, the possibility of disappointing game metrics in the quarters ahead as these games mature. We rate NTES shares Neutral with a $51 PT, based on 12x CY11E EPS plus net cash."

Shares of NTES closed Monday at $41.59.