Tencent Music Entertainment Group (TME) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Tencent Music Entertainment Group (NYSE:TME) from a hold rating to a buy rating in a report issued on Friday. The brokerage currently has $20.00 target price on the stock.

According to Zacks, “Tencent Music Entertainment Group provides an online music entertainment platform primarily in China. The Company offers online music, recording, and music-centric live streaming services. Tencent Music Entertainment Group is based in Shenzhen, China. “

A number of other brokerages also recently commented on TME. Bank of America began coverage on Tencent Music Entertainment Group in a report on Monday, January 7th. They issued a buy rating and a $17.10 price target for the company. HSBC began coverage on Tencent Music Entertainment Group in a report on Thursday, January 17th. They set a buy rating and a $16.00 target price on the stock. Stifel Nicolaus began coverage on Tencent Music Entertainment Group in a report on Monday, January 7th. They set a hold rating and a $14.00 target price on the stock. Morgan Stanley began coverage on Tencent Music Entertainment Group in a report on Monday, January 7th. They set an equal weight rating on the stock. Finally, JPMorgan Chase & Co. began coverage on Tencent Music Entertainment Group in a report on Wednesday, January 16th. They set an overweight rating and a $16.00 target price on the stock. Two analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average price target of $16.59.

Shares of TME opened at $18.27 on Friday. Tencent Music Entertainment Group has a one year low of $11.81 and a one year high of $18.86.

Large investors have recently added to or reduced their stakes in the business. Baillie Gifford & Co. acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $108,352,000. Hsbc Holdings PLC acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $37,524,000. Coatue Management LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $32,753,000. Temasek Holdings Private Ltd acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $32,753,000. Finally, Lord Abbett & CO. LLC acquired a new stake in shares of Tencent Music Entertainment Group during the 4th quarter worth approximately $23,169,000. 4.77% of the stock is currently owned by institutional investors.

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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