UPDATE: Barclays Raises PT on Perfect World on Expected Turnaround

In a report published on Wednesday, Barclays analyst Alicia Yap raised the price target on Perfect World (NASDAQ: PWRD) from $12.30 to $14.00 and maintained a rating of Equal-Weight.

In the report, Barclays noted, "PWRD delivered stronger-than- expected results for 1Q13 and guides for 2Q13 to be slightly ahead of expectations mainly due to additional revenue contributions from the newly launched games Saint Seiya Online in China and Neverwinter in the US and Europe. Moreover, besides its three newly released mobile games, it has two highly anticipated MMO games: Dota2 is under closed beta-testing while Swordsman Online is targeted to commercially launch around end-June."

Perfect World closed on Tuesday at $12.61.