Why Did Oppenheimer Downgrade Tencent Music Entertainment Group’s Stock?
Oppenheimer analyst Bo Pei CFA downgraded Tencent Music Entertainment Group (TME) to Hold today. The company’s shares closed last Monday at $12.69, close to its 52-week low of $11.27.
According to TipRanks.com, CFA is ranked #4510 out of 5925 analysts.
Tencent Music Entertainment Group has an analyst consensus of Moderate Buy, with a price target consensus of $15.53, implying a 21.5% upside from current levels. In a report released yesterday, KeyBanc also downgraded the stock to Hold.
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Based on Tencent Music Entertainment Group’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $146 million. In comparison, last year the company had a GAAP net loss of $127 million.
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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.