Tencent Music Entertainment Ready To Benefit From 'Secular Tailwind Of Music Streaming Adoption': Analysts On Q4 Results, Outlook
Portfolio Pulse from Priya Nigam
Tencent Music Entertainment Group (NYSE:TME) shares rose after reporting strong Q4 results, with analysts upgrading ratings and price targets. Goldman Sachs upgraded TME to Buy with a price target of $14.00, citing sustained annual music net adds and limited competition. Mizuho Securities and Benchmark also reiterated Buy ratings, highlighting accelerated subscription growth, expanded gross margins, and strategic focus on core music growth. Shares of TME increased by 4.86% to $11.55.
March 20, 2024 | 6:12 pm
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Tencent Music Entertainment Group's strong Q4 results and positive analyst outlooks, including upgrades and increased price targets, indicate a bullish sentiment for the stock.
The positive analyst ratings and increased price targets from Goldman Sachs, Mizuho Securities, and Benchmark reflect a strong confidence in Tencent Music's growth trajectory, especially in music streaming adoption. The upgrades and positive commentary on the company's strategic focus and market position are likely to contribute to a positive short-term impact on TME's stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100