Tencent briefly hits fresh record high as it battles Alibaba for title of Asia's biggest company

Tencent

At the intraday highs of their respective Hong Kong-listed shares, both Tencent and Alibaba's market cap stood at 4.82 trillion Hong Kong dollars . That's according to CNBC calculations, multiplying the stock price by number of shares outstanding.Still, Tencent could see further gains. On Tuesday, analysts at Bernstein raised their target price to 570 Hong Kong dollars per share, representing upside of almost 13% from the stock's Wednesday high.

"We think there were many who thought ByteDance would steal market share away from Tencent and that simply isn't happening," he said, referring to the Chinese tech unicorn behind the"It is possible for there to be two big digital ad companies in China and Tencent's digital economy of scale is difficult to replicate or overthrow," Campling said.

"We believe Tencent has reached a tipping point in advertising as its technology improved while ByteDance's growth slows down, allowing Tencent to take further market share going forward," the analysts said. "We raise Tencent advertising revenue growth this year to 29% YoY . In the next 3 years, we see 24% advertising growth as Tencent gains further market share."

Canada Canada Latest News, Canada Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Asia Pacific stocks set to trade mixed as Nasdaq touches record closing highConcerns around the coronavirus situation stateside are likely to linger, however. Giveaway I'm giving $10 to the first 200 people to follow my page and retweet my tweets drop your cashapp/paypal
Source: CNBC - 🏆 12. / 72 Read more »

Tesla Is Overvalued: Investors Are Treating It Too Much Like A Tech Company, Says Morgan StanleyIt may be time to sell Tesla as shares edge towards record highs, says Morgan Stanley. It's a Cult of Personality stock. It's a tech company. Why would you treat it like a car company? Their technologies can go into any product, which requires electricity, batteries, processors and motors. 🤷‍♂️ Everytime there's a legit idea to 'sell the overvalued Tesla' it goes up another 10%. Just saying
Source: Forbes - 🏆 394. / 53 Read more »

Tesla Is Overvalued: Investors Are Treating It Too Much Like A Tech Company, Says Morgan StanleyAnalysts from Morgan Stanley warned that the Tesla stock is grossly overvalued and set to plunge, with too many investors ignoring the risks of running a car company and instead treating Tesla like a high-growth tech company by skleb1234 skleb1234 Forget Morgan Stanley, Elon said it! skleb1234 Travis County Texans had something to say about them at the council meeting today... skleb1234 Can’t wait to drive one!
Source: Forbes - 🏆 394. / 53 Read more »