UPDATE: Piper Jaffray Raises PT on NetEase.com to $51

Piper Jaffray is out with its report today on NetEase.com (NASDAQ: NTES), raising its PT from $48 to $51.

In a note to clients, Piper Jaffray writes, "We maintain our Neutral rating on NTES shares after the company reported mixed 1Q results, with EPS outperformance and revenue underperformance vs Street expectations. While we believe pipeline visibility is improving, we remain on the sidelines with respect to NTES shares due primarily to valuation, 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 are raising our price target from $48 to $51, based on 12x CY11E EPS plus net cash."

Shares of NTES closed Thursday at $46.85.