Citi raises target for Tencent Holdings stock to HKD 765

Published on 10/23/2026 at 10:15 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Tencent Holdings stock costs EUR 43.94 on October 23, 2026. Second-quarter revenue reached CNY 204.8 billion, up 11.00 percent year on year.

Analyst view and operating base

Citi raised its Tencent target to HKD 765 on October 23, 2026.
Second-quarter revenue reached CNY 204.8 billion, up 11.00 percent year on year.
Tencent Holdings stock trades at EUR 43.94 at 10:06 a.m. CEST at Lang & Schwarz on October 23, 2026.
Third-quarter results are scheduled for November 18, 2026.

Tencent Holdings Ltd., KYG875721634, Illustration mit AI erstellt.

Tencent Holdings Ltd. (KYG875721634) stock is at EUR 43.94 at Lang & Schwarz on October 23, 2026 at 10:06 a.m. CEST. GMT EIGHT reported on October 23, 2026 that Citigroup raised its Tencent target to HKD 765 and reaffirmed its buy rating.

AI spending reshapes the target debate

The new target reflects Citi's view that Tencent's artificial intelligence plans are becoming more effective while its core business remains resilient. The report also lifted Citi's capital expenditure assumptions for Tencent to RMB 200.7 billion for one year and RMB 235.0 billion for the following year, according to GMT EIGHT.

The counterweight is higher artificial intelligence investment. GMT EIGHT reported on October 23, 2026 that Morgan Stanley cut its target from HKD 735 to HKD 650 while retaining an Overweight rating, citing pressure on short-term margins.

Three target changes shape the timeline

On August 12, 2026, Tencent announced second-quarter results; revenue reached CNY 204.8 billion, up 11.00 percent year on year, while net income was CNY 56.0 billion, according to Simply Wall St. On October 22, 2026, Morgan Stanley reduced its target from HKD 735 to HKD 650. On October 23, 2026, Citi lifted its target to HKD 765.

What dates matter for investors?

The next scheduled date is November 18, 2026, when Tencent will announce its third-quarter results, according to Tencent. The investor calendar lists the announcement for 8:00 p.m. New York time.

Price holds the market context

Tencent is listed on the Hong Kong Stock Exchange under ticker 0700. Its market capitalization was HKD 3.5 trillion as of October 23, 2026, while the 52-week range stood at HKD 378.00 to HKD 664.00. The combination of a higher Citi target and a lower Morgan Stanley target leaves artificial intelligence spending and margin protection as the central valuation questions.

The stock was trading at EUR 43.94 at Lang & Schwarz on October 23, 2026 at 10:06 a.m. CEST. The further course of trading is shown by the continuously updated real-time quote of Tencent Holdings stock.