Tencent Music Entertainment Group shares are trading higher after UBS upgraded the stock from Neutral to Buy and announced a $10.5 price target.
Portfolio Pulse from Benzinga Newsdesk
Tencent Music Entertainment Group's stock (TME) is trading higher following an upgrade from UBS, which changed its rating from Neutral to Buy and set a price target of $10.5.
January 24, 2024 | 3:18 pm
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POSITIVE IMPACT
Tencent Music Entertainment Group's stock is expected to experience a positive short term impact due to UBS's upgrade from Neutral to Buy and a new price target of $10.5.
Analyst upgrades typically lead to a positive short term reaction in a stock's price as they suggest a better-than-previously-expected future performance. The new price target of $10.5 by UBS indicates a potential upside from the current trading price, which can attract investors and drive up the stock price.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100