Tencent Music price target lowered to $7 from $7.50 at Citi

Citi analyst Alicia Yap lowered the firm’s price target on Tencent Music to $7 from $7.50 and keeps a Neutral rating on the shares. While the company’s Q2 results were largely in-line with expectations, the magnitude of negative impact from the social entertainment adjustment was larger than expected, the analyst tells investors in a research note. The firm sees “unexciting” near-term catalysts and possibly more regulatory overhang for the shares.