Tencent Music price target raised to $12.30 from $10.50 at BofA

BofA raised the firm’s price target on Tencent Music to $12.30 from $10.50 and keeps a Buy rating on the shares. The “dual engine” of better music paying users and improved ARPU helped Tencent Music deliver a “solid” Q4 beat, the analyst tells investors. Following the report, the firm lifted its FY24 and FY25 earnings estimates by 9% and 12%, respectively, citing the positive music business and margin outlook.