花旗银行调高目标价至USD369. Maintain Buy and adjust TP to US$369 — We have revised our 2017-19E revs/non-GAAP EPADS by -4.4%/-7.1%, +1.4%/+1.1% and +5.0%/+5.4%, respectively, to reflect the latest games rankings and new games pipeline. Looking at the current games pipeline, we believe upcoming games such as Shadowverse, Index and Tribes & Empire might add some revenue contribution upside to the stable revs of existing FWJ and Ghost franchise. In addition, we also believe continued improvement of its eCommerce traction and operation metrics will help NTES to further diversify its earnings stream beyond gaming. We maintain our Buy rating and adjust our TP to US$369 (from US$345) based on 18x (up from 17x) our revised 2018E non-GAAP EPADS of US$20.50 (from US$20.27). $搜狐(SOHU)$$新浪(SINA)$