Tencent Music price target raised to $10.40 from $9.50 at HSBC

HSBC analyst Charlene Liu raised the firm’s price target on Tencent Music to $10.40 from $9.50 and keeps a Hold rating on the shares. The analyst says the company’s gross margin expansion outlook is a positive surprise while its online music growth continued to deliver. However, the firm views the stock’s valuation as fair at current levels.