Tencent tanks after target price cut

Business | 10 Jul 2018 12:18 pm

Blue-chip heavyweight Tencent Holdings (0700) slumped 2.02 percent to HK$388 at midday today after Credit Suisse lowered its target price of the Chinese tech company by 5 percent.

Shares opened at HK$396 and rose as high as HK$398, but then suddenly dropped sharply at a time when investors were expecting Tencent to exceed HK$400 level.

Credit Suisse has published a report to cut the target price of Tencent by 5 percent, to HK$496, predicting that its mobile game income in the second quarter will decline by 20 percent compared to the first quarter.

Search Archive

Advanced Search
January 2019
S M T W T F S

Today's Standard



Yearly Magazine

Yearly Magazine