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NEW YORK - A Roth Capital Partners analyst on Tuesday initiated coverage of Giant Interactive Group Inc. and Perfect World Co., saying a recent sell-off in the Chinese online game operator's stock after the Sichaun province earthquake presents a buying opportunity for investors.
Analyst Adam Krejcik rated Giant Interactive "Buy" with an $18 price target, implying he expects the stock to rise 31 percent over Monday's $13.75 close.
He rates Perfect World "Buy" with a $37 price target, implying a 45 percent rise over Monday's $25.52 close.
"Shares are assuming a worst case scenario from (the) Sichuan earthquake and believe we could see a meaningful rally if new and existing user growth is better than expected," Krejcik said in a note to clients.
The online game sector is one of the best ways to gain investment exposure to China's growing Internet population, he said, predicting the market will post solid growth over the next five years.
"That said, we do not expect all online game operators to enjoy the same level of growth, as individual company growth is much more dependent upon the success (or failure) of a limited number of games versus the overall industry," he said.
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