Barclays analyst Jiong Shao raised the firm’s price target on Tencent to $48 from $36 and keeps an Equal Weight rating on the shares. The analyst says the firm’s latest checks suggest both gaming and advertising trends and the 2023 outlook are improving at Tencent. Domestic gaming is "finally poised to grow again," the analyst tells investors in a research note.
Published first on TheFly
See today’s best-performing stocks on TipRanks >>
Read More on TCEHY:
- Tencent’s Riot Games cuts 46 jobs, IGN reports
- Sony announces additional games coming to PlayStation VR2
- Epic, Match antitrust case against Google goes to trial in November, TC says
- Video game sales fell 13% y/y in Europe in December, GI.biz says
- U.S. video game consumer spending rose 2% y/y in December, says NPD