Investment analysts have upgraded at least three U.S.-listed Chinese stocks to buy so far this month. The positive view comes as the many Chinese companies are reporting earnings for the last three months of 2023 and the full year. While many analysts are skeptical China can meet its “around 5%” growth target for 2024 without further stimulus, the country did report better-than-expected economic data in retail sales, industrial production and fixed asset investment for the first two months of the year. Here are the Chinese stocks that analysts are turning bullish on: Tencent Music Entertainment — Citi upgraded the stock to buy on Wednesday with a price target of $13 a share, up nearly 18% from Tuesday’s close. The company operates one of China’s major alternatives to Spotify. TME’s fourth quarter results beat expectations, helped by “outperformance of online music” revenues, the Citi report said. “We believe TME’s steady/resilient subscription music business with expanding capabilities of music value chain and ramp-up of long-form audio and diversified use case scenarios across multi-channels/devices would support [a] sustained growth outlook,” the analysts added. Kingsoft Cloud — JPMorgan on March 10 upgraded the cloud services company to overweight, but trimmed its price target by 30 cents to $4.20 a share based on a lower revenue forecast. That’s still about 30% above where Kingsoft Cloud shares closed Tu …
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[mwai_chat context=”Let’s have a discussion about this article:nnInvestment analysts have upgraded at least three U.S.-listed Chinese stocks to buy so far this month. The positive view comes as the many Chinese companies are reporting earnings for the last three months of 2023 and the full year. While many analysts are skeptical China can meet its “around 5%” growth target for 2024 without further stimulus, the country did report better-than-expected economic data in retail sales, industrial production and fixed asset investment for the first two months of the year. Here are the Chinese stocks that analysts are turning bullish on: Tencent Music Entertainment — Citi upgraded the stock to buy on Wednesday with a price target of $13 a share, up nearly 18% from Tuesday’s close. The company operates one of China’s major alternatives to Spotify. TME’s fourth quarter results beat expectations, helped by “outperformance of online music” revenues, the Citi report said. “We believe TME’s steady/resilient subscription music business with expanding capabilities of music value chain and ramp-up of long-form audio and diversified use case scenarios across multi-channels/devices would support [a] sustained growth outlook,” the analysts added. Kingsoft Cloud — JPMorgan on March 10 upgraded the cloud services company to overweight, but trimmed its price target by 30 cents to $4.20 a share based on a lower revenue forecast. That’s still about 30% above where Kingsoft Cloud shares closed Tu …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]
