Tencent Music Entertainment Group (TME): New Buy Recommendation for This Technology Giant


Needham analyst Vincent Yu assigned a Buy rating to Tencent Music Entertainment Group (TME) today and set a price target of $25.00. The company’s shares closed last Wednesday at $14.59, close to its 52-week low of $11.68.

According to TipRanks.com, Yu is a 4-star analyst with an average return of 16.4% and a 34.1% success rate. Yu covers the Technology sector, focusing on stocks such as China Online Education Group, So-Young International, and 36Kr Holdings Inc.

Currently, the analyst consensus on Tencent Music Entertainment Group is a Moderate Buy with an average price target of $25.50, a 73.5% 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 March 31, the company reported a quarterly revenue of $7.82 billion and net profit of $926 million. In comparison, last year the company earned revenue of $6.31 billion and had a net profit of $887 million.

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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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