Citi views the post-earnings selloff today in shares of Tencent Music (TME) as unwarranted. The firm keeps a Buy rating on the name with a $29 price target The stock in afternoon trading is down 8% to $19.07. Citi attributes the weakness to concerns around competition from Bytedance’s Soda Music. However, it believes Tencent reported a “solid” Q3 report with positive commentary on Q4. The firm sees an “enhanced” buying opportunity on the selloff.
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