In a report released today, Vincent Yu from Needham assigned a Buy rating to Tencent Music Entertainment Group (TME), with a price target of $25.00. The company’s shares closed last Friday at $22.14, close to its 52-week high of $22.25.
According to TipRanks.com, Yu is a 5-star analyst with an average return of 46.4% and a 57.8% success rate. Yu covers the Technology sector, focusing on stocks such as China Online Education Group, So-Young International, and 36Kr Holdings Inc.
Tencent Music Entertainment Group has an analyst consensus of Strong Buy, with a price target consensus of $22.00, which is a 1.4% upside from current levels. In a report issued on January 4, Oppenheimer also assigned a Buy rating to the stock with a $20.00 price target.
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The company has a one-year high of $22.25 and a one-year low of $9.22. Currently, Tencent Music Entertainment Group has an average volume of 10.17M.
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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.