Tencent Holdings Ltd
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Communication Services : Interactive Media & Services | Large Cap Blend
Based in China
Company profile

Tencent Holdings Limited is an investment holding company principally involved in the provision of value-added services (VAS) and online advertising services. The Company operates through three main segments. The VAS segment is mainly involved in provision of online/mobile games, community value-added services and applications across various Internet and mobile platforms. The Online Advertising segment is mainly engaged in display based and performance based advertisements. The Others segment is mainly involved in provision of payment related services, cloud services and other services.

This security is an American depositary receipt
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Closing Price
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-0.29 (-0.49%)
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Micron upgraded back to a buy at Mizuho, just one month after it was downgraded

11:55 am ET November 23, 2021 (MarketWatch)

By Tomi Kilgore

'Actual' demand is improving across all markets

Shares of Micron Technology Inc. rallied toward a near seven-month high Tuesday, after Mizuho analyst Vijay Rakesh went back to being bullish on the memory chip maker on surprisingly improving demand trends, which should provide a tailwind for Micron, as well as Western Digital Corp., into next year.

Rakesh upgraded Micron (MU) to buy, after downgrading it to neutral on Oct. 20. He boosted his stock price target to $95 from $75.

When Rakesh downgraded Micron last month, he cited expectations of a soft demand outlook for the first half of 2022 for PCs and notebooks, server and handset markets.

"However, our recent checks indicate the 'ACTUAL' demand is improving across all three markets," Rakesh wrote in a research note, with first-quarter PC/NB builds "only" flat to down 5% from the previous quarter, compared with expectations of a 10% to 15% decline and handsets flat versus expectations of down 10%. He also believes server demand could improve.

Micron's stock ran up 2.0% in midday trading, putting it on track of the highest close since May 7. It had soared 22.8% from the Oct. 20 close through Monday, while the PHLX Semiconductor Index had run up 14.0% and the S&P 500 index had gained 3.2%.

Rakesh also upgraded Western Digital (WDC) to buy after downgrading it to neutral last month, while boosting his price target to $75 from $55. The stock ran up 5.6% in midday trading, after edging up just 0.9% from Oct. 20 through Monday.

"We now see potentially better-than-expected pricing trends in 1Q22 and 2Q22," Rakesh wrote. "We believe 2H22 could see memory pricing stabilize further if PC build trends continue to outperform."

-Tomi Kilgore


(END) Dow Jones Newswires

November 23, 2021 11:55 ET (16:55 GMT)

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