In a report released yesterday, Bo Pei CFA from Oppenheimer assigned a Buy rating to Tencent Music Entertainment Group (TME), with a price target of $20.00. The company’s shares closed last Monday at $19.37, close to its 52-week high of $20.18.
According to TipRanks.com, CFA is a 1-star analyst with an average return of -3.4% and a 47.4% success rate. CFA covers the Technology sector, focusing on stocks such as BlueCity Holdings, Yalla Group, and Iqiyi.
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, implying a 1.0% upside from current levels. In a report issued on December 23, Needham also assigned a Buy rating to the stock with a $21.00 price target.
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Tencent Music Entertainment Group’s market cap is currently $32.28B and has a P/E ratio of 54.50. The company has a Price to Book ratio of 7.20.
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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.