Tencent Music price target lowered to $7.40 from $8.40 at HSBC

HSBC analyst Charlene Liu lowered the firm’s price target on Tencent Music to $7.40 from $8.40 and keeps a Hold rating on the shares. While paid music remains resilient, advertising demand and social entertainment revenue could come in weaker in part due to risk control effort on livestreaming, the analyst tells investors in a research note.