Tencent’s $107 Billion Rally Surprises Even Bullish Analysts
- Shares nearing average 12-month price target after surge
- Tencent rose to price at which Naspers sold stake in 2018
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Tencent Holdings Ltd.’s analysts, who have a history of being too bullish, have now been caught off guard by a recent rally in Asia’s biggest stock.
Shares of the Chinese Internet giant are closing in on analysts’ consensus target price, something which hasn’t happened in nearly two years. It’s the most-loved stock in Hong Kong, as none of the 57 analyst ratings tracked by Bloomberg recommend selling the shares. Of the 50 bullish analysts, more than one-third have a 12-month price target that lags its current price.