Chinese internet tech companies Alibaba , Tencent and Baidu have reported solid quarterly earnings this month with little to show for it in market performance. Tencent has fallen for four weeks in a row. Alibaba and Baidu closed the week higher in U.S. trading after three straight weeks of declines – still not enough to recover losses of more than 10% for the month so far. All three stocks have double-digit gains ahead of them, if the average FactSet analyst price target holds true.
However, Barclays China tech analyst Jiong Shao and team said Tencent's potential is underappreciated. They upgraded the stock to overweight on Aug. 17, a day after the earnings release. "We believe Tencent is firing on all cylinders, and its recent strong growth should continue even if the broader economy is a tad weaker than expected," the report said. Second-quarter results also showed new growth trends in e-commerce and gaming for some companies.
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