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.
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