As previously reported, Deutsche Bank upgraded Tencent Music (TME) to Buy from Hold with a price target of HK$69, up from HK$51, after the company concluded “a robust FY24.” The firm expects revenue growth to accelerate in FY25 and expects gross margin to continue to expand, driven by economies of scale and the shift in revenue mix to the higher-margin online music business, the analyst tells investors.
Claim 30% Off TipRanks
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on TME:
- Tencent Music upgraded to Buy from Hold at Deutsche Bank
- Gear Up, Millennials! Napster Is Making a Comeback
- Apple Stock (AAPL) Tunes Up as Lossless Audio Blasts onto AirPods Headphones
- Tencent Music Entertainment Group (TME) Announces Q2 Dividend: Read On for Important Dates
- Tencent Music price target raised to $17 from $16 at Mizuho