Maintain the stock-raising rating of the gathering period, bringing the target share price from USD 67 to $105

JPMorgan released its investment report today to maintain its nasdaq:yy "overweight" rating, raising its target share price from $67 trillion to $105.

The following is a summary of the contents of the report:

We believe that the Web games and music services will continue to drive a gathering of profit growth this year, but within the next two to three years, this impetus will shift to new businesses, such as online education. We expect that in the next 12 months, the gathering era will be a rational investment in the new business. We believe that the new strategy will be rewarded in the medium to long term, mainly thanks to: 1 good performance in the time of the gathering; 2. Scalability of new business. To this end, we continue to maintain the era of the "overweight" stock rating.

Music business drives revenue growth: the quarter-past season's results exceeded our and Wall Street expectations, thanks largely to the strong performance of the music business. In the quarter, music business revenue was 35% higher than we had expected. We believe that the music business will continue to be the driving force for revenue growth this year.

New business: At the same time, the gathering era began to expand new opportunities this year. We believe that new business, such as game broadcasting, online education and mmo/mobile games, will bring rewards to the gathering era. We believe that game broadcasts are ready for commercialization, while online education and mmo/mobile games are still in the investment phase.

Limited profit margins: We believe that the impact of these investments on profitability is limited: 1 A rational investment at the time of the gathering; 2 The majority of investments will be considered as B/s projects, such as long-term investments.

Valuation: We continue to maintain the "overweight" rating of our share of the era, raising our target share price from $67 to $105.