Barclays analyst Jiong Shao upgraded Tencent to Overweight from Equal Weight with an unchanged price target of $50. The company reported “solid” results and its underlying fundamentals “may be even better,” the analyst tells investors in a research note. In the past two months, Tencent has launched several major new titles and plans to launch several more during the rest of the year, says the firm. It expects strong gaming growth in the coming quarters and believes Tencent’s advertising growth momentum is likely to continue.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See Insiders’ Hot Stocks on TipRanks >>
Read More on TCEHY:
- Epic Games ’empowers’ developers with expansion of crossplay tools
- What You Missed This Week in Video Games
- Tencent Hldgs (TCEHY) Q2 Earnings Cheat Sheet
- Baidu, Tencent order Nvidia chips amid fears of new export controls, FT reports
- Nvidia (NASDAQ:NVDA) Wins $5B Order from Alibaba, Other Chinese Tech Giants