Citigroup: Raises Tencent's target price to HKD 765 and reaffirms buy rating

Citi analyst Alicia Yap and others have raised Tencent's target price to HKD 765 in their report, reaffirming a buy rating, as Tencents artificial intelligence plans show significant effectiveness and its core business remains resilient. Citi has also increased its capital expenditure assumptions for Tencent for the next two years to RMB 200.7 billion and RMB 235 billion, respectively.