Investing.com UK - Financial Markets Worldwide
Get 50% Off
🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

These Analysts Raise Their Forecasts On Tencent Music Entertainment After Q4 Results

Published 20/03/2024, 12:44
© Reuters. These Analysts Raise Their Forecasts On Tencent Music Entertainment After Q4 Results
TME
-

Benzinga - by Avi Kapoor, Benzinga Staff Writer.

Tencent Music Entertainment Group (NYSE: TME) reported better-than-expected fourth-quarter revenue on Tuesday.

Tencent Music Entertainment reported a fourth-quarter revenue decline of 7.2% year-over-year to $971 million (CNY6.89 billion), beating the consensus of $932 million. China’s leading online music and audio entertainment platform’s adjusted EPADS of $0.14 (CNY1.00) was in line with the consensus, according to data from Benzinga Pro.

The Monthly active users (MAUs) for online music declined by 4.2% Y/Y to 576 million. Mobile MAUs for social entertainment decreased by 28.8% Y/Y to 104 million. Monthly ARPPU for online music grew by 20.2% Y/Y to CNY10.7,

Monthly ARPPU for social entertainment declined by 54.0% Y/Y to CNY78.0, and Online music paying users increased by 20.6% Y/Y to 106.7 million.

Tencent Music shares gained 6.4% to close at $11.04 on Tuesday.

These analysts made changes to their price targets on Tencent Music following earnings announcement.

  • Citigroup raised the price target on Tencent Music Entertainment from $9 to $13. Citigroup analyst Alicia Yap upgraded the stock from Neutral to Buy.
  • B of A Securities boosted the price target on Tencent Music Entertainment from $10.5 to $12.3. B of A Securities analyst Lei Zhang maintained a Buy rating.
  • Mizuho increased the price target on Tencent Music Entertainment from $12 to $13. Mizuho analyst Wei Fang maintained a Buy rating.
  • HSBC boosted the price target on Tencent Music Entertainment from $9.5 to $10.4. HSBC analyst Charlene Liu maintained a Hold rating.
  • Benchmark increased the price target on Tencent Music Entertainment from $9 to $14. Benchmark analyst Fawne Jiang maintained a Buy rating.

Read More: Fear & Greed Index Remains In 'Greed' Zone Ahead Of Fed's Interest Rate Decision

Latest Ratings for TME

DateFirmActionFromTo
Feb 2022Goldman SachsDowngradesNeutralSell
Jan 2022China RenaissanceDowngradesBuyHold
Dec 2021BenchmarkInitiates Coverage OnHold
View More Analyst Ratings for TME

View the Latest Analyst Ratings

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.