Tencent Shares Rise After First Quarter Profit Beats

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HONG KONG – Shares of Tencent Holdings Ltd (0700.HK) opened up 7 percent in Hong Kong on Thursday after it reported better-than-expected first-quarter results.

Tencent posted a 61 percent jump in net profit on a 48 percent rise in revenue for the first three months of the year, beating consensus estimates.

But Credit Suisse lowered its target price for the stock to HK$523 from HK$540 after the results, as did Jefferies to HK$515 from HK$530.




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