Tencent Music price target raised to $13 from $12 at Mizuho

Mizuho raised the firm’s price target on Tencent Music to $13 from $12 and keeps a Buy rating on the shares. The company’s core music revenue beat consensus by five points, driven by accelerated subscriptions in business and advertising, the analyst tells investors in a research note. The firm believes Tencent Music’s accelerated focus shift to core music growth is strategic and synergizes better with its core expertise and assets.