---
title: "In \"The Big Banks,\" Credit Lyonnais lowers the target price for Tencent Music to 92.1 yuan, maintaining an \"Outperform\" rating"
type: "News"
locale: "zh-CN"
url: "https://longbridge.com/zh-CN/news/265832055.md"
description: "Citi released a report stating that Tencent Music's financial performance in the third quarter was strong, but due to the shift in revenue growth momentum to non-subscription businesses, which require significant investment, it has lowered the adjusted earnings forecast for 2026 by 7%. The target prices have been adjusted to $23.7 and HKD 92.1, maintaining the \"Outperform\" rating"
datetime: "2025-11-14T02:18:16.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/265832055.md)
  - [en](https://longbridge.com/en/news/265832055.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/265832055.md)
---

> 支持的语言: [English](https://longbridge.com/en/news/265832055.md) | [繁體中文](https://longbridge.com/zh-HK/news/265832055.md)


# 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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