Macquarie Initiates Coverage on Tencent Music Entertainment Group (TME)

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Research analysts at Macquarie initiated coverage on shares of Tencent Music Entertainment Group (NYSE:TME) in a report released on Tuesday, Marketbeat reports. The brokerage set an “outperform” rating and a $15.03 price target on the stock. Macquarie’s price target points to a potential downside of 5.29% from the company’s current price.

A number of other research firms also recently commented on TME. KeyCorp assumed coverage on Tencent Music Entertainment Group in a research note on Monday, January 7th. They issued an “overweight” rating and a $19.00 price target for the company. Goldman Sachs Group assumed coverage on Tencent Music Entertainment Group in a research note on Sunday, January 6th. They issued a “buy” rating for the company. Deutsche Bank assumed coverage on Tencent Music Entertainment Group in a research note on Sunday, January 6th. They issued a “hold” rating and a $15.00 price target for the company. JPMorgan Chase & Co. assumed coverage on Tencent Music Entertainment Group in a research note on Wednesday, January 16th. They issued an “overweight” rating and a $16.00 price target for the company. Finally, Morgan Stanley assumed coverage on Tencent Music Entertainment Group in a research note on Tuesday, January 15th. They issued a “weight” rating and a $12.20 price target for the company. Two investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $15.54.

Shares of Tencent Music Entertainment Group stock opened at $15.87 on Tuesday. Tencent Music Entertainment Group has a 1-year low of $11.81 and a 1-year high of $16.29.

Large investors have recently bought and sold shares of the stock. Commonwealth Bank of Australia acquired a new position in Tencent Music Entertainment Group in the fourth quarter worth about $43,000. Columbia Asset Management acquired a new position in Tencent Music Entertainment Group in the fourth quarter worth about $173,000. Clear Perspective Advisors LLC acquired a new position in Tencent Music Entertainment Group in the fourth quarter worth about $290,000. City Financial Investment Co Ltd acquired a new position in Tencent Music Entertainment Group in the fourth quarter worth about $132,000. Finally, Eaton Vance Management acquired a new position in Tencent Music Entertainment Group in the fourth quarter worth about $178,000. Institutional investors and hedge funds own 0.04% of the company’s stock.

About Tencent Music Entertainment Group

Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.

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Analyst Recommendations for Tencent Music Entertainment Group (NYSE:TME)

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