Mizuho analyst Wei Fang raised the firm’s price target on Tencent Music (TME) to $17 from $16 and keeps an Outperform rating on the shares. Tencent Music’s quarter was “clean,” with both revenue and margins beating expectations, the analyst tells investors in a research note. The firm remains constructive on Tencent Music due to its category leading position in the low-penetrated online music industry in China.
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