Tencent Music price target raised to $14 from $9 at Benchmark

Benchmark analyst Fawne Jiang raised the firm’s price target on Tencent Music to $14 from $9 and keeps a Buy rating on the shares after the company reported “strong” Q4 results and guided to a “continued solid trend” in Q1 and FY24. With a reset of social entertainment on top of robust music growth, Tencent Music has transitioned to a pure online music play in China and “a countercyclical category leader poised to reap the benefits of secular tailwind of music streaming adoption,” the analyst tells investors.