Morgan Stanley upgraded Tencent Music (TME) to Overweight from Equal Weight with an unchanged price target of $13, 25% upside. The firm sees “emerging value” from the company’s “resilient operations and defensive nature” following the recent share price underperformance. Tencent Music is an “underappreciated defensive play” amid the market’s macro concern, the analyst tells investors in a research note. Morgan Stanley believes the company is on track to reach its net additions target.
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