Tencent Music initiated with an Overweight at Barclays

Barclays analyst Jiong Shao initiated coverage of Tencent Music (TME) with an Overweight rating and $16 price target The combination of a market with little competition, management’s track record of adaption and execution, and a “new growth path ahead” make Tencent Music one of the best positioned Chinese internet companies, the analyst tells investors in a research note. The firm says the company has dominant market share, a focused strategy, and a proven execution record, which make it a “compelling asset to own.”