Macquarie analyst Ellie Jiang raised the firm’s price target on Tencent Music (TME) to $26.20 from $17.10 and keeps an Outperform rating on the shares. The firm reaffirms its positive view on Tencent, expecting the company to build a unique presence from content creation to entertainment consumption. Recent M&As should be value-accretive in nature, both playing favorably to music revenue momentum, Macquarie says. The firm is also adding Tencent to Marquee Buy with overall preference over virtual content consumption.
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