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<Research>Citi Lowers TENCENT's TP to $670; Rating Kept Buy
Recommend 12 Positive 20 Negative 6 |
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TENCENT (00700.HK) is set to announce its 1Q results on May 14, Citi wrote in its report. In the broker's estimate, the company's results may meet or slightly exceed market expectations. Entering 2Q, TENCENT will launch or plan to launch at least 8 new games (compared to only 2 games in 1Q), which are believed to help mitigate the high-base effect of last year's mobile game, "Dungeon & Fighter", and be conducive to total revenue growth. Citi lowered its target price for TENCENT from $681 to $670, but kept the Buy rating and top pick status unchanged. AAStocks Financial News |
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