Mizuho raised the firm’s price target on Tencent to HK$395 from HK$330 and keeps a Neutral rating on the shares. The company’s sales were roughly on-track with expectations, with games seeing headwinds from monetization stagnation, offset by outperformance in advertising, the analyst tells investors in a research note. The firm says Tencent shares trade at a premium to peers, so it would wait for a more attractive entry point.
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