Loop Capital upgraded Tencent to Buy from Hold with a price target of HK$455, up from HK$345. The analyst is citing encouraging signs in both of the company’s core engines for valuation – gaming and payments – along with a bullish set-up for advertising revenue growth. With revenue growth from core segments likely to accelerate, Tencent stock should perform well into expectations for improving macroeconomic conditions, Loop Capital tells investors in a research note.
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Published first on TheFly
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