Big Moves | Tesla's Target Price Gets a Significant Boost! TENCENT Faces Slight "Discount"

Citigroup: Raises Tesla's target price by 56% to $265, up from $170

Based on the latest closing price of $281.38, this price implies a 6% upside!

HSBC: Maintains "Buy" rating on TENCENT, lowers target price by 3% to HK$425 from HK$440

Based on the latest closing price of HK$352.6, this price implies a 21% upside!

TENCENT will announce its Q2 2021 earnings on August 17th, and the bank's profit forecast remains largely unchanged. Considering the new equity cost and the reduction in the number of shares due to more buybacks, the target price for TENCENT has been lowered. The bank also points out that the potential reduction in holdings by major shareholder Prosus may cause short-term volatility in TENCENT's stock price.

Macquarie: Maintains "Outperform" rating on JD.com, raises target price by 3% to HK$214 from HK$207

Based on the latest closing price of HK$150.5, this price implies a 42% upside!

The bank has raised its adjusted earnings forecasts for JD.com for 2023 and 2021 fiscal years by 6% and 13% respectively, reflecting the benefit of higher gross margins from stronger market sales and positive restructuring progress. Macquarie expects JD.com's adjusted operating margin to expand by 70 basis points in the second quarter. The 5% difference between retail revenue growth of 4.5% and GMV growth of 9% mainly comes from ongoing internal restructuring and channel mix transformation.

Citigroup: Sets BYD Electronic's target price at HK$26

Based on the latest closing price of HK$25.35, this price implies a 3% upside!

The report believes that the elastic growth prospects driven by various new businesses in the medium term may lead to a rebound. The company previously released positive earnings guidance, expecting a year-on-year net profit growth of 115%-146% to RMB 1.363-1.559 billion in the first half of 2023, exceeding the bank's and market expectations by 18% and 27% respectively.

The bank expects more progress in the second half of the year and believes that investor confidence will strengthen as the company delivers better-than-expected results. BYD Electronic's stock price may react positively, and the bank remains optimistic, expecting progress in the automotive business (ADAS, thermal management systems, and chassis) and Huawei's development to act as catalysts for further breakthroughs in the stock price in the second half of the year.

Goldman Sachs: Gives Seagate a "Buy" rating with a target price of $325

Based on the latest closing price of $229.33, this price implies a 42% upside! The bank believes that the company's market value will improve significantly. Salesforce recently raised the prices of its core products, following "meaningful" improvements in costs, product launches, and capital allocation.

The bank stated, "Although pricing may have a minimal contribution to this year's growth, as the average 9% price increase will take effect in August and only apply to new customers of Tableau and its sales, service, marketing, and industrial cloud, we believe there is room for improvement in meeting the (current revenue obligations for the second half of the year)." Salesforce's revenue growth is likely to accelerate once again.

This growth is expected to come from new business bookings at Salesforce's annual Dreamforce conference, as well as a "seasonally strong" fourth quarter.

The addition of generative AI capabilities could also enhance the value of the Salesforce platform, as the company recently raised prices for the first time in seven years, allowing Salesforce to keep pace with Microsoft, Oracle, and Adobe.