Stifel Nicolaus analyst John Egbert maintained a Hold rating on Tencent Music Entertainment Group (TME) today and set a price target of $17. The company’s shares closed yesterday at $16.
Egbert said:
“We maintain our Hold rating and $17 Target Price on TME shares as we view risk / reward as balanced given how large of a long-term subscriber base is already priced in, but we will continue to monitor paid conversion trends for signs of a sooner- than-expected inflection.”
According to TipRanks.com, Egbert is a 4-star analyst with an average return of 19.9% and a 48.9% success rate. Egbert covers the Technology sector, focusing on stocks such as Spotify Technology SA, Trade Desk Inc, and Criteo SA.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Tencent Music Entertainment Group with a $19 average price target.
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Tencent Music Entertainment Group’s market cap is currently $5.04B and has a P/E ratio of 93.51. The company has a Price to Book ratio of 5.32.
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Tencent Music Entertainment Group engages in the provision of online music entertainment services. It offers one-stop music services and solutions for smart devices, creating a complete music entertainment ecosystem. The company was founded by Jia Xin Peng on June 6, 2012 and is headquartered in Beijing, China.
