Tencent Music Entertainment Q1 Subs Hit Record High, 2 Analysts Raise Forecasts
Portfolio Pulse from Priya Nigam
Tencent Music Entertainment (TME) reported strong Q1 results with record-high subscriber net adds and advertising outperformance, leading to two analysts from Mizuho Securities and Benchmark raising their price targets. Despite the positive analyst outlook, TME shares dipped 1.42% in early trading.
May 14, 2024 | 4:32 pm
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Tencent Music Entertainment's Q1 results exceeded expectations with record subscriber growth and advertising performance, leading to price target upgrades by Mizuho Securities and Benchmark. However, shares fell 1.42% in early trading.
The positive analyst ratings and raised price targets reflect strong confidence in TME's future performance, driven by its Q1 results. However, the immediate stock price reaction was negative, likely due to market dynamics or profit-taking, suggesting a short-term negative impact despite long-term optimism.
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