Naspers upgraded to Overweight from Equal Weight at Barclays

Barclays analyst Andrew Ross upgraded Naspers to Overweight from Equal Weight with a ZAR 4,500 price target. The analyst cites Tenent’s improving fundamental trends and the firm’s upgrade this morning of Tenent for the rating boost. The stake in Tencent still represents 77% of the Naspers net asset value, the analyst tells investors in a research note.