Citi analyst Alicia Yap opened a “90-day positive catalyst watch” on shares of Tencent and reiterates a Buy rating on the name with an HK$496 price target. Tencent shares have fallen over 15% in the past month for no specific fundamental reasons, the analyst tells investors in a research note. The firm expects continued traction of video account ads, boosted by growing user engagement and artificial intelligence ad tech enhancement, and sees multiple growth opportunities of Tencent’s cloud/business service offerings.
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