Citi: Raises Tencent's Price Target to HK$765, Reiterates Buy Rating

August 13th. Following the release of Tencent's Q2 earnings report, Citigroup raised Tencent's target price to HK$765 in the report and reiterated a Buy rating. This decision was driven by Tencent's AI initiatives demonstrating significant progress, along with resilient performance in its core businesses. Citigroup also raised its capital expenditure assumptions for Tencent for the current year and next year to RMB 200.7 billion and RMB 235.0 billion, respectively.