Jefferies Reiterates Buy Rating on Tencent Music Entertainment Group (TME)
Jefferies analyst Thomas Chong reiterated a Buy rating and $15.40 price target on Tencent Music Entertainment Group (NYSE: TME)
The analyst comments "TME reported 2Q24 results, with total revenue in line with consensus. By segment, online music services revenue was largely in line with quarterly net adds of 3.5m (vs our estimate at 3.7m). In social entertainment services, revenue largely in line with our estimate. GPM came in at 42% vs our estimate at 41.5%. Non-IFRS net income came in 7% above consensus and our estimate. Management will host an earnings call at 7 pm HKT today."
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Shares of Tencent Music Entertainment Group closed at $13.13 yesterday.