Tencent Overtakes Facebook to Join Top Five Global Corporations
Investing.com - Tencent has become the first Chinese tech company to surpass $500 billion in market cap, surpassing Facebook (NASDAQ:FB) and joining the ranks of the world’s five largest corporations.Tencent is a giant Chinese conglomerate with services that include media, music, payment systems, e-commerce, and gaming. Tencent also owns China's biggest social media app WeChat, as well as 10% of Snapchat.Tencent stock has more than doubled this year, reaching record $428 Hong Kong dollars per share. And its latest jump has helped it usurp Facebook in the list of global top five companies. But will Tencent be able to stay ahead of Facebook indefinitely? The average analyst 12-month price target for Tencent is currently $356 Hong Kong dollars, 17% to the downside. Meanwhile, Facebook shares are now $178 with an average analyst 12-month price target of $205, 15% to the upside. It might be a close race now, but it looks like Wall Street expects Facebook to take a firm lead eventually.
