Tencent (TCEHY) Downgraded by Zacks Investment Research to “Hold”
Tencent (OTCMKTS:TCEHY) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Saturday.
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. “
TCEHY has been the subject of a number of other research reports. Barclays boosted their price objective on shares of Tencent from $49.00 to $59.00 and gave the company an “overweight” rating in a report on Monday, November 20th. Wells Fargo & Co started coverage on shares of Tencent in a report on Wednesday, September 27th. They issued an “outperform” rating for the company. Finally, Benchmark reissued a “buy” rating on shares of Tencent in a report on Thursday, November 16th. Two investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Buy” and an average price target of $58.00.
Tencent Company Profile
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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