Tencent Music Entertainment Ready To Benefit From 'Secular Tailwind Of Music Streaming Adoption': Analysts On Q4 Results, Outlook
by
Priya Nigam, Benzinga Staff Writer
March 20, 2024 2:12 PM | 2 min read | Share Comments
Tencent Music Entertainment Group shares were climbing Wednesday after the company reported upbeat fourth-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
Goldman Sachs On Tencent Music Entertainment
Analyst Lincoln Kong upgraded the rating from Neutral to Buy, while rating the price target from $11.20 to $14.00.
Tencent Music Entertainment is among the top performers “within our China Internet coverage” over the past six months, and could continue to outperform, Kong said in the upgrade note.
Kong said the company is likely to sustain annual music net adds of over 15 million in 2024 for the fifth consecutive year, beginning with net adds of 6 million in the first quarter, “on better paying propensity for music from increasing usage scenarios, limited competition, a history of higher tolerance to price hikes.”