Tencent Music price target raised to $13.50 from $11 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Tencent Music to $13.50 from $11 and keeps an Overweight rating on the shares. The firm, which notes that Tencent’s Q1 music net adds level is tracking similar to its all-time high run-rate in Q1 of FY23, raised its revenue and margin estimates and still sees upside potential with numerous drivers for the music segment.