UPDATE: Pacific Crest Securities Reiterates On Perfect World Co. Ltd. Following Solid Q2 Results

In a report published Wednesday, Pacific Crest Securities analyst Cheng Cheng reiterated an Outperform rating on Perfect World Co. Ltd. PWRD, and raised the price target from $24.00 to $26.00. In the report, Pacific Crest Securities noted, “Q2 revenue of $149.6 million was slightly higher than our estimate of $147.0 million. Growth in Q2 was mainly driven by strength in key PC titles like Swordsman Online and DOTA2, along with continued strength in mobile titles. EPS of $0.52 was higher than our estimate of $0.48, but that was mainly driven by a lower effective tax rate in Q2. A reported tax rate of 6.2% versus our expectations of 17.5% led to an EPS benefit of $0.04.” Perfect World Co. Ltd. closed on Tuesday at $22.96.