Tencent Music price target raised to $17 from $15 at Mizuho
The Fly

Tencent Music price target raised to $17 from $15 at Mizuho

Mizuho analyst Wei Fang raised the firm’s price target on Tencent Music to $17 from $15 and keeps a Buy rating on the shares. The company reported strong results with core music revenue growth beating by five points on record-high subscriber net adds and advertising outperformance, the analyst tells investors in a research note. The firm expects the underlying drivers to continue supporting margin expansion for the coming quarters given Tencent Music’s leading position in music distribution in China.

Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>

Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App