Redburn Atlantic initiated coverage of Tencent Music with a Buy rating and $12 price target. The company’s online music segment is gaining momentum and represents 70% of revenues, the analyst tells investors in a research note. The firm says that with paid streaming penetration in China at 11%, and Tencent Music’s 70% market share, tiered payment plans and flexible content licensing, it forecasts long-term earnings growth for the company.
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- Tencent Music upgraded to Buy from Neutral at UBS
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