Mar. 18 at 4:33 PM
$TME Tencent Music downgraded to Neutral from Overweight at JPMorgan
JPMorgan analyst Alex Yao downgraded Tencent Music to Neutral from Overweight with a
$12 price target. The firm says the shares are "transitioning from a visible subscription-compounding story to a broader but lower-visibility multi-engine monetization story." Tencent Music's Q4 results indicate the business is becoming more diversified across subscriptions, advertising, offline performances, artist merchandise, and intellectual property-linked monetization, the analyst tells investors in a research note. JPMorgan cut estimates, saying Tencent Music's subscription revenue is likely to slow down.
