In a report released today, Vincent Yu from Needham assigned a Buy rating to Tencent Music Entertainment Group (TME), with a price target of $21.00. The company’s shares closed last Tuesday at $18.88, close to its 52-week high of $19.63.
According to TipRanks.com, Yu is a 4-star analyst with an average return of 19.3% and a 45.9% success rate. Yu covers the Technology sector, focusing on stocks such as China Online Education Group, So-Young International, and Ehang Holdings Ltd.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tencent Music Entertainment Group with a $19.50 average price target.
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Based on Tencent Music Entertainment Group’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $7.58 billion and net profit of $1.13 billion. In comparison, last year the company earned revenue of $6.51 billion and had a net profit of $1.03 billion.
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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.
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