Tencent Music price target lowered to $10 from $11 at Mizuho

Mizuho lowered the firm’s price target on Tencent Music to $10 from $11 and keeps a Buy rating on the shares. Industry data shows uncertain macro recovery for the China internet group with mixed retail sales, weak real estate market activity and low consumer confidence, the analyst tells investors in a research note. However, travel remained a bright spot, and pent-up demand for outbound travel and expanding flight capacity should support growth going forward, says the firm. At the same time, Mizuho expects the Double 11 annual sales event to provide near-term relief for e-commerce due to deep discounts and the resulting price elasticity. It trimmed some price targets to reflect multiple compression from a weaker macro picture.