Morgan Stanley Raises TENCENT Target Price to $450, Top Pick in BATM
Morgan Stanley has increased its target price for TENCENT to $450, naming it the top pick among BATM stocks (Baidu, Alibaba, Tencent, and Meituan).
This follows TENCENT's 1Q24 results, which revealed strong growth in its local and overseas game businesses, with YoY increases of 3% and 34%, respectively.
The broker expects TENCENT's game revenue to grow by 7% YoY in 2Q24, maintaining an "Overweight" rating based on this solid growth outlook. Morgan Stanley also anticipates continued share buybacks to support the share price.
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