Tencent Music price target raised to $29.80 from $26.20 at Macquarie

Macquarie analyst Ellie Jiang raised the firm’s price target on Tencent Music (TME) to $29.80 from $26.20 and keeps an Outperform rating on the shares. The company’s “solid” Q2 results reaffirms Macquarie’s positive view on strong momentum, with music subscription and other revenue above expectations, the analyst tells investors in a research note. The firm added that monthly average revenue per paying user remains on the expansionary track, boosted by Super VIP adoptions and enriched content library.