Tencent Music price target lowered to $18 from $23 at Mizuho

Mizuho analyst Wei Fang lowered the firm’s price target on Tencent Music (TME) to $18 from $23 and keeps an Outperform rating on the shares. The firm says the company’s competition risks remain elevated and execution will take time, as evidenced by its further revenue deceleration. Tencent Music;s primary competitor remains private and could continue to invest irrationally for the time being, creating a share overhang that is likely to persist near-term, the analyst tells investors in a research note.