UPDATE: Auriga Raises PT on NetEase.com to $52 (NTES)

Auriga is out with its report today on NetEase.com (NASDAQ: NTES), raising its price target from $48 to $52.

In a note to clients, Auriga writes, "NTES will report 4Q10 results on Wednesday, 2/23, after the market close followed by an 8pm ET conference call. We expect the company's results are highly likely to beat consensus on strong momentum in game and advertising. We do not think too much attention should be paid to the performance of 4Q10, since it is history, and 2011 could be a more exciting year for NTES on the back of its high quality pipeline games, which consist of proven Blizzard games and in-house developed games including Cataclysm and StarCraft II, as well as a robust advertising landscape. We reiterate our Buy rating and raise our price target to $52 from $48."

Shares of NTES closed Tuesday at $43.00, down 3.33% from Friday's close.