Jefferies: Lowers Tencent (00700.HK) target price to HK$711, maintains "Buy" rating.

Zhitong Finance APP has learned that Jefferies issued a research report stating that it has lowered its target price for Tencent (00700.HK) by about 5%, from HK$750 to HK$711, to reflect the latest business and industry trends and changes in sector valuations. Jefferies expects Tencent to increase its investment in the artificial intelligence (AI) sector, while its view on the advertising and fintech businesses has become more cautious, but it remains optimistic about Tencent's diversified growth drivers and AI development strategy, maintaining a "Buy" rating.