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<Research>BofAS Lifts TENCENT (00700.HK) TP to $517, Rating Reiterated Buy
Recommend 18 Positive 26 Negative 27 |
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BofA Securities reaffirmed its Buy rating on TENCENT (00700.HK), believing that Tencent will also be well-positioned to prosper, if the Chinese economy recovers or the current soft economic conditions persist. The broker slightly lowered its 3Q24 revenue forecast for Tencent to RMB166 billion, for a YoY growth of 7%, and cut its adjusted operating profit forecast to RMB60 billion, for a YoY growth of 16%. The broker raised its target price from $480 to $517. BofA Securities said that if China's macro recovers, Tencent's payment business is expected to benefit from the recovery of the retail market, and its ad business to gain from merchants’ recovery. If the macro situation has not improved, the broker also believed that Tencent is defensive because its game business is less correlated with the macro cycle and game is in a product upcycle. AAStocks Financial News |
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