Analyst Explains Why They Upgraded Their Rating on Tencent Music Entertainment Group (TME)
In a report released today, Bo Pei CFA from Oppenheimer upgraded Tencent Music Entertainment Group (TME) to Buy, with a price target of $20.00. The company’s shares closed last Thursday at $14.72.
According to TipRanks.com, CFA is ranked #4916 out of 6892 analysts.
Tencent Music Entertainment Group has an analyst consensus of Strong Buy, with a price target consensus of $18.44, which is a 21.6% upside from current levels. In a report issued on August 12, Goldman Sachs also maintained a Buy rating on the stock with a $16.80 price target.
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Tencent Music Entertainment Group’s market cap is currently $24.69B and has a P/E ratio of 46.00. The company has a Price to Book ratio of 7.33.
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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.