Tencent Music price target lowered to $15 from $19 at Benchmark

Benchmark lowered the firm’s price target on Tencent Music to $15 from $19 and keeps a Buy rating on the shares. While Q2 results were in-line with expectations, management’s messages of future sub outlook incrementally pivoting towards ARPPU expansion has given rise to questions about both the magnitude and sustainability of growth, particularly against heightened expectations on subscriber net additions following quarters of beat and raise, the analyst tells investors in a research note.