Benchmark Co. analyst Fawne Jiang maintained a Buy rating on Tencent Music Entertainment Group today and set a price target of $28.00.
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Fawne Jiang has given his Buy rating due to a combination of factors that highlight Tencent Music Entertainment Group’s strong performance and future potential. The company reported impressive second-quarter results, with a significant year-over-year increase in non-subscription music revenues. This growth is supported by rising entertainment spending in China and TME’s innovative approach to product and technology, positioning it as a key player in the evolving entertainment landscape.
Furthermore, TME is on a path to becoming a comprehensive music and entertainment platform, benefiting from a scalable ecosystem that spans multiple verticals. The company’s ongoing investments in AI, content expansion, and premium features are expected to enhance user engagement and long-term growth. These strengths, along with favorable industry trends, justify a premium valuation, leading to an increased price target and a maintained Buy rating.
According to TipRanks, Jiang is a 5-star analyst with an average return of 17.2% and a 55.90% success rate. Jiang covers the Consumer Cyclical sector, focusing on stocks such as Sea, Trip.com Group Sponsored ADR, and JD.
In another report released yesterday, Barclays also reiterated a Buy rating on the stock with a $27.00 price target.