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Tencent Music Entertainment Q1 Subs Hit Record High, 2 Analysts Raise Forecasts

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Shares of Tencent Music Entertainment Group (NYSE:TME) dipped in early trading on Tuesday, after the company reported results for the first quarter.

The results came amid an exciting earnings season. Here are some key analyst takeaways.

  • Mizuho Securities analyst Wei Fang maintained a Buy rating, while lifting the price target from $15 to $17.
  • Benchmark analyst Fawne Jiang reiterated a Buy rating, while raising the price target to $19.

Check out other analyst stock ratings.

Mizuho Securities: Tencent reported “strong” results for the first quarter, “with Core music revenue growth beating by 5 points on record-high subscriber net adds and advertising outperformance,” …

Full story available on Benzinga.com

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