JPMorgan upgraded Tencent Music to Overweight from Neutral with a price target of $10, up from $7. Extrapolating recent positive business momentum into the next 2-3 years, Tencent Music shares should rise as the company will be a 20% annual earnings compounder through 2025, the analyst tells investors in a research note. The firm sees high visibility and a strong track record, driven mostly by Tencent Music’s online music operation.
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