Bernstein analyst Boris Van raised the firm’s price target on Tencent Music (TME) to $27.50 from $25 and keeps an Outperform rating on the shares. The company delivered a clean Q2 beat across all metrics as online music revenue grew 26% amid strong performance in average revenue per user, the analyst tells investors in a research note.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TME:
- Tencent Music price target raised to $29 from $23 at Citi
- Tencent Music price target raised to $29.80 from $26.20 at Macquarie
- Barclays ups Tencent Music price target, says Q2 was all-around perfect
- Tencent Music upgraded to Outperform from Neutral at Daiwa
- Morning Movers: On Holding and Circle Internet jump following earnings