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<Research>Citi Hikes TENCENT TP to $535 to Reflect Positive Policy Stimulus
Recommend 55 Positive 84 Negative 20 |
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The Chinese authorities recently introduced a series of monetary and fiscal support policies that will be translated into tangible support for society, Citi said in its report. Enterprises and brands were expected to increase their investment in advertising so as to boost sales for 4Q24, especially Double 11, with TENCENT (00700.HK) set to benefit. Earlier reports that BABA-W (09988.HK)’s Taobao tapped into WeChat Pay were expected to bode well for payment and online advertising revenue growth in 4Q24 and 2025, the broker said, adding that it is optimistic that consumer sentiment is improving, and game players may be more willing to spend on more expensive in-game virtual items and recharges, which will benefit game business revenue. Therefore, Citi raised its target price for TENCENT from $527 to $535, maintaining the Buy rating and continuing to list it as the top stock. AAStocks Financial News |
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