Jefferies Upgrades Tencent Holdings (TCEHY) to Buy

Jefferies upgraded Tencent Holdings (700 HK) (OTC: TCEHY) from Hold to Buy and raised their price target 21% to HK$260.

The firm comments, "Tencent’s core games & ads businesses both lead competitors by far. With one of the industry’s strongest product development teams, Tencent is best positioned to extend its dominance in games, social networking, and ads to mobile. Recent correction provides attractive entry point, option for upside from mobile commerce, given its most popular mobile app WeChat."

For an analyst ratings summary and ratings history on Tencent Holdings click here. For more ratings news on Tencent Holdings click here.

Shares of Tencent Holdings closed at $27.10 yesterday.

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