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Citi lowers Tencent (00700) target to $448
16 May 2019
(Infocast News) Citi Research has cut its price target on Tencent Holdings (00700) to HK$448 (from HK$453) based on 30x revised 2020 non-GAAP EPS of HK$14.938 (from HK$15.087). The brokerage maintains the stock's Buy rating and top-pick status.

Citi has lowered 2019-2021 revenue and EPS forecasts for Tencent Holdings and forecast smartphone games revenue to rise 34% on year and rise 12% on quarter to RMB23.6 billion for the second quarter of 2019 and model -7.4% on year for PC games.

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