Stifel Nicolaus analyst John Egbert maintained a Hold rating on Tencent Music Entertainment Group (TME) today and set a price target of $16. The company’s shares closed last Monday at $14.45.
Egbert commented:
“We lower our Target Price to $16 based on our updated forecasts and maintain our Hold rating as we view risk / reward as balanced at current levels, though we will continue to monitor paid conversion trends / SES growth (particularly in SE Asia) for signs of inflections.”
According to TipRanks.com, Egbert is a 4-star analyst with an average return of 18.9% and a 53.1% success rate. Egbert covers the Technology sector, focusing on stocks such as Spotify Technology SA, Yelp Inc, and Snap Inc.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Tencent Music Entertainment Group with a $17.30 average price target.
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Tencent Music Entertainment Group’s market cap is currently $4.43B and has a P/E ratio of 79.78. The company has a Price to Book ratio of 0.80.
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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.