Redburn Atlantic initiated coverage of Tencent Music with a Buy rating and $12 price target. The company’s online music segment is gaining momentum and represents 70% of revenues, the analyst tells investors in a research note. The firm says that with paid streaming penetration in China at 11%, and Tencent Music’s 70% market share, tiered payment plans and flexible content licensing, it forecasts long-term earnings growth for the company.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks straight to you inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on TME:
- Tencent Music upgraded to Buy from Neutral at UBS
- Tencent Music price target raised to $9 from $8.40 at Citi
- Tencent Music price target raised to $11.20 from $8.60 at Goldman Sachs
- Tencent Music price target raised to $11 from $10 at Mizuho
- Tencent Music price target raised to $10.50 from $9 at BofA