Tencent Music Entertainment Group (TME) PT Raised to $14 at Benchmark
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Go back to Tencent Music Entertainment Group (TME) PT Raised to $14 at Benchmark
March 20, 2024 12:22 PM EDT
CFRA analyst Ahmad Halim raised the price target on Tencent Music Entertainment Group (NYSE: TME) to $13.00 (from $9.00) while maintaining a Buy rating.
The analyst comments "Following TME's in-line 2023 results, we keep our 2024 earnings per ADS forecast unchanged at CNY3.60, and we start... More
March 20, 2024 7:57 AM EDT
Tencent Music (NYSE: TME) reported a stronger-than-expected performance for the fourth quarter of 2023, with both earnings and revenue surpassing analyst estimates. The company's shares edged up 1.9% following the announcement, signaling investor approval of the results.
For the quarter, Tencent Music posted earnings per share (EPS) of RMB1.00, exceeding the analyst consensus of RMB0.89. Revenue also beat expectations, coming in at RMB6.89 billion against the forecasted RMB6.67 billion. Despite a 7.2% decrease in total revenues YoY, primarily due to a decline in social entertainment services, the company saw a significant 45.3% increase in music subscription... More
