Tencent Music Entertainment Group (NYSE:TME) had its price objective reduced by Bank of America from $19.20 to $18.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. They currently have a buy rating on the stock.
Other equities research analysts have also recently issued reports about the company. Jefferies Financial Group began coverage on Tencent Music Entertainment Group in a research note on Monday, August 5th. They issued a buy rating and a $16.90 price objective for the company. Zacks Investment Research cut Tencent Music Entertainment Group from a buy rating to a hold rating in a research note on Wednesday, May 22nd. Oppenheimer began coverage on Tencent Music Entertainment Group in a research note on Monday, July 29th. They issued an outperform rating and a $18.00 price objective for the company. CICC Research began coverage on Tencent Music Entertainment Group in a research note on Thursday, June 13th. They issued a buy rating for the company. Finally, China International Capital began coverage on Tencent Music Entertainment Group in a research note on Monday, May 13th. They issued a hold rating for the company. Six equities research analysts have rated the stock with a hold rating and ten have issued a buy rating to the stock. Tencent Music Entertainment Group currently has an average rating of Buy and a consensus price target of $16.39.
Shares of NYSE TME opened at $13.98 on Tuesday. Tencent Music Entertainment Group has a twelve month low of $11.81 and a twelve month high of $19.97. The stock has a fifty day simple moving average of $14.75 and a 200-day simple moving average of $15.88. The stock has a market capitalization of $22.86 billion and a PE ratio of 69.90.
About Tencent Music Entertainment Group
Tencent Music Entertainment Group operates an online music entertainment platform that provides online music and music-centric social entertainment services in China. It offers QQ Music, Kugou Music, and Kuwo Music that enable users to discover and listen to music in personalized ways; and WeSing, which enables users to have fun by singing and interacting with friends, sharing their singing performances with friends, and discovering songs that others have sung.
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