BofA analyst Lei Zhang raised the firm’s price target on Tencent Music to $10.50 from $9 and keeps a Buy rating on the shares. After fine-tuning estimates, the firm models above-consensus adjusted net profit for 2024. The firm expects Tencent Music to report Q4 results in early or mid- March that are “on track” and also expects a positive 2024 growth outlook for its music business, adding that it views the stock as “one of our preferred names in the Internet sector in 2024.”
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