---
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-HK"
url: "https://longbridge.com/zh-HK/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)
---

> 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/265832055.md) | [English](https://longbridge.com/en/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

### 相關股票

- [Tencent Music (TME.US)](https://longbridge.com/zh-HK/quote/TME.US.md)
- [TME-SW (01698.HK)](https://longbridge.com/zh-HK/quote/01698.HK.md)

## 相關資訊與研究

- [Orient Securities Keeps Their Buy Rating on Tencent Music Entertainment Group Class A (1698)](https://longbridge.com/zh-HK/news/280960163.md)
- [Universal Music Group (ENXTAM:UMG) Valuation Check As €500 Million Share Buyback Signals Long Term Confidence](https://longbridge.com/zh-HK/news/281255171.md)
- [AT&T Launches OneConnect, the First-Ever Single Subscription for Unlimited Connectivity | T Stock News](https://longbridge.com/zh-HK/news/281171783.md)
- [10:17 ETSales of Jay Chou's "Children of the Sun" have exceeded 100 million RMB, as Tencent Music Entertainment Group Drives Global Rollout](https://longbridge.com/zh-HK/news/280880602.md)
- [Subscriptions are more than just bills for Visa and Mastercard](https://longbridge.com/zh-HK/news/281375305.md)