Tencent Holdings Ltd. branded gift bags sit outside a news conference in Hong Kong, China. (Photographer: Brent Lewin/Bloomberg) 

Goldman's 22% Hike for Tencent Isn't Even the Most Bullish

(Bloomberg) -- A global selloff in technology shares was no deterrent for analysts tracking Tencent Holdings Ltd.

Goldman Sachs Group Inc. on Monday hiked its 12-month price target on the Hong Kong-listed stock by 22 percent to HK$535, the brokerage’s biggest increase for the company since 2014, data compiled by Bloomberg show. Morgan Stanley raised its forecast to HK$550, the most bullish among 48 estimates, following Haitong International Securities Co.’s 14 percent boost last week.

Goldman's 22% Hike for Tencent Isn't Even the Most Bullish

Tencent, which hasn’t had a single sell rating in two years, has been among Hong Kong’s best performers over the past decade. The company is due to report 2017 results after the close on Wednesday, with the options market implying a move of about 4 percent either way. That would be the biggest earnings-day reaction for the stock since mid-2015.

Tencent rose 1 percent to HK$466.60 in Hong Kong on Tuesday, reversing an earlier loss of as much as 1.3 percent as tech stocks advanced.

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