JPMorgan: Lowers Tencent Holdings (00700.HK) target price to HK$625, maintains "Overweight" rating

Zhitong Finance APP has learned that JPMorgan issued a research report maintaining an "Overweight" rating on Tencent Holdings (00700.HK), lowering its target price from HK$690 to HK$625, and cutting its non-IFRS earnings per share forecasts for 2026 and 2027 by 2% and 10% respectively, mainly due to rising AI depreciation and related costs. The bank noted that Tencent Holdings' AI strategy now has a clear sequence, but the returns will take longer.