Tencent (TCEHY) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research cut shares of Tencent (OTCMKTS:TCEHY) from a buy rating to a hold rating in a report released on Saturday morning.
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. “
Several other analysts have also recently weighed in on TCEHY. Wells Fargo & Co began coverage on shares of Tencent in a research report on Wednesday, September 27th. They set an outperform rating on the stock. Benchmark restated a buy rating on shares of Tencent in a research report on Thursday, November 16th. Finally, Barclays raised their price objective on shares of Tencent from $49.00 to $59.00 and gave the company an overweight rating in a research report on Monday, November 20th.
Tencent (OTCMKTS:TCEHY) last posted its quarterly earnings data on Wednesday, November 15th. The technology company reported $0.24 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.26 by ($0.02). Tencent had a net margin of 28.44% and a return on equity of 24.53%. equities analysts forecast that Tencent will post 1.03 earnings per share for the current year.
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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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
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