Mizuho raised the firm’s price target on Tencent to HK$330 from HK$310 and keeps a Neutral rating on the shares. Heading into the Q1 results, the analyst sees some sequential recovery in enterprise investments and improvement in retail sales, indicating that weak consumer sentiment in China may have bottomed. This partially explains the recent rally for China stocks, the analyst tells investors in a research note. However, structural overhangs such as weak real estate market and high unemployment remain, so it’s not clear the recovery is sustainable, says the firm.
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