In a report released today, Bo Pei CFA from Oppenheimer assigned a Buy rating to Tencent Music Entertainment Group (TME), with a price target of $28.00. The company’s shares closed last Monday at $15.30.
According to TipRanks.com, CFA is currently ranked with 0 stars on a 0-5 stars ranking scale, with an average return of -16.7% and a 18.8% success rate. CFA covers the Technology sector, focusing on stocks such as BlueCity Holdings, Tencent Holdings, and Aurora Mobile.
Tencent Music Entertainment Group has an analyst consensus of Moderate Buy, with a price target consensus of $27.57, a 75.9% upside from current levels. In a report issued on May 12, Loop Capital Markets also maintained a Buy rating on the stock with a $21.00 price target.
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Based on Tencent Music Entertainment Group’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $8.34 billion and net profit of $1.2 billion. In comparison, last year the company earned revenue of $7.29 billion and had a net profit of $1.04 billion.
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Incorporated in 2012, China-based Tencent Music Entertainment Group is an online music entertainment platform that provides music streaming, online karaoke, and live streaming services services. The company is a subsidiary of Tencent Holdings Limited.
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