[ET Net News Agency, 13 November 2020] Goldman Sachs raised its target price for
Tencent Holdings (00700) to HK$705 from HK$678 and maintained its "buy" rating.
The research house said Tencent has seen benefits from its reorganization two years ago
across its content and advertising services, driving growth in financial and business
services. Total revenues and non-GAAP operating profit in 3Q were both 1 above Goldman's
estimates.
Goldman kept its 2020-22 revenue estimates largely unchanged, while its 2020 non-GAAP
net profit was 2% higher after factoring 3Q earnings beat. (KL)