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<Research>JPM Elevates TENCENT (00700.HK) TP to $520, Expects 3Q Adj. EPS to Be RMB5.87, Beating Forecasts
Recommend 19 Positive 32 Negative 10 |
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TENCENT (00700.HK)'s share price underperformed other e-commerce stocks in the recent market rally, as investors increased their exposure to potential macro recovery theme, JPMorgan released a research report saying. JPMorgan expected TENCENT's 3Q24 adjusted EPS to be RMB5.87, beating expectations, but lowered its 2024/ 2025 gross profit margin forecasts for the Company by 0.8%/ 1.3 ppts, reflecting the low gross profit contribution from DNF. However, the broker raised its 2024/ 2025 adjusted EPS forecasts by 3%/ 6%, and elevated its target price to $520 from $480, with rating kept at Overweight. AAStocks Financial News |
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