Tencent Music price target raised to $12 from $11 at Mizuho

Mizuho analyst Wei Fang raised the firm’s price target on Tencent Music to $12 from $11 and keeps a Buy rating on the shares. The analyst expects Tencent Music to meet Q4 expectations for both sales and profits, “with room for upside surprise.” Heading into Q1, the firm’s checks indicate continued strength in music segment, although still offset by entertainment. That said, it continues to expect margin expansion.