In "The Big Banks," Credit Lyonnais lowers the target price for Tencent Music to 92.1 yuan, maintaining an "Outperform" rating
Citi released a report stating that Tencent Music (01698.HK)(TME.US) had a strong financial performance in the third quarter, with revenue and profit exceeding expectations, and its attractiveness as a preferred music entertainment service provider has increased. However, as the growth momentum of revenue continues to shift from subscription services to non-subscription services, larger-than-expected investments are required, leading to a 7% downgrade in Tencent Music's adjusted profit forecast for 2026. The target prices for Tencent Music's U.S. and Hong Kong stocks have been lowered from $28.5 and HKD 110.7 to $23.7 and HKD 92.1, respectively, while maintaining a "Outperform" rating
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