Tencent Holding Ltd. (TCEHY) Raised to “Buy” at Zacks Investment Research
Tencent Holding Ltd. (OTCMKTS:TCEHY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $50.00 price target on the technology company’s stock. Zacks Investment Research‘s price target would indicate a potential upside of 10.99% from the stock’s current price.
According to Zacks, “Tencent Holdings Limited is an Internet service portal. Tencent provides value-added Internet, mobile and telecom services and online advertising. Tencent’s leading Internet platforms in China are QQ Instant Messenger, QQ.com, QQ Games, Qzone, 3g.QQ.com, SoSo, PaiPai and Tenpay. It has brought together China’s largest Internet community, to meet the various needs of Internet users including communication, information, entertainment, e-commerce and others. Tencent Holdings Limited is headquartered in Shenzhen, the People’s Republic of China. “
Several other analysts have also commented on the company. Wells Fargo & Company initiated coverage on Tencent Holding in a research note on Wednesday, September 27th. They issued an “outperform” rating on the stock. Barclays PLC boosted their price objective on Tencent Holding from $46.00 to $49.00 and gave the stock an “overweight” rating in a research note on Friday, August 18th. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. The company currently has a consensus rating of “Buy” and an average target price of $49.50.
Shares of Tencent Holding (TCEHY) traded up 2.73% during trading on Wednesday, reaching $46.28. The company had a trading volume of 633,872 shares. The firm has a market capitalization of $435.29 billion, a PE ratio of 54.26 and a beta of 0.89. The stock has a 50 day moving average price of $44.44 and a 200 day moving average price of $38.66. Tencent Holding has a 12 month low of $23.00 and a 12 month high of $46.30.
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About Tencent Holding
Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms.
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