Barclays ups Tencent Music price target, says Q2 was all-around perfect

Barclays raised the firm’s price target on Tencent Music (TME) to $27 from $16 and keeps an Overweight rating on the shares following a “clean” beat and raise Q2. The company has found ways to be embedded in all aspect of a users’ music listening experience and showcased their abilities to monetize each step of the way, Barclays told investors in a research note. The firm does not see any other competitor having the ability to offer a complete online listening, offline concerts, fan service experience to consumers and Barclays believes this “unique value proposition” is was what drove TME’s growth in SVIP members. The firm concluded that Tencent’s Q2 was an “all-around perfect” quarter.