Tencent Music price target lowered to $16 from $17 at Mizuho

Mizuho lowered the firm’s price target on Tencent Music to $16 from $17 and keeps an Outperform rating on the shares. The company’s Q2 results were good, but subscriber net additions guidance for the second half was lowered as management plans to focus more on average revenue per user growth for the remainder of the year, the analyst tells investors in a research note. The firm believes the strategic shift could bring additional upside to margin, but also acknowledges that business plan changes “bear uncertainties.”