Categories: Business

Tencent Music Leisure upgraded by Morgan Stanley, citing ‘sustainable development’

[ad_1]

Spencer Platt

Tencent Music Leisure (NYSE:TME) shares have been upgraded by Morgan Stanley on Thursday, with the funding agency citing “sustainable development” and a robust free money stream yield.

Analyst Alex Poon raised his ranking on Tencent Music Leisure (TME) shares to obese from equal weight and boosted his worth goal to $8.50 from $4.50, noting that the corporate’s revenue has been negatively impacted by tighter rules on the reside streaming business since 2020, whereas its music section generated losses, however that appears to have turned within the third-quarter.

“In [the third-quarter], Tencent Music Leisure’s music section noticed its first working revenue breakeven and the reside streaming enterprise decline seems to be stabilizing,” Poon wrote in a observe to shoppers.

“From 2023 onwards, we mission the incremental revenue from the music section to surpass the social section’s decline, resulting in a sustainable [earnings per share compound annual growth rate of 10% or more between 2022 and 2024],” Poon added.

Tencent Music Leisure (TME) shares slipped barely greater than 1% in premarket buying and selling to $6.93.

Poon additionally famous that he expects subscriber development for Tencent Music Leisure (TME) shares to develop 20% on a compound annual foundation by 2024, whereas incremental revenue from the music section may strategy RMB 1B per yr.

Final month, Benchmark upgraded Tencent Music Leisure (TME) after the streaming music firm reported third-quarter outcomes.

Analysts are largely bullish on Tencent Music Leisure (TME). It has a HOLD ranking from In search of Alpha authors, whereas Wall Avenue analysts price it a BUY. Conversely, In search of Alpha’s quant system, which constantly beats the market, charges TME a STRONG BUY.

[ad_2]
Source link
admin

Recent Posts

Basement Waterproofing with Epoxy Flooring: A Must-Have for Murrieta Homeowners

Basement waterproofing is a critical account for homeowners in Murrieta, CA, and for good reason.…

10 hours ago

Studying the World of Terong123 Games

Here you are in the thrilling universe of Terong123 Games! Imagine walking into a realm…

2 days ago

Unique Home Decor Shops in Fort Worth

Hello to both Fort Worth locals and those just passing through! If your living space…

2 days ago

The Fascinating World of Long-Necked Cats

First, let's clarify what we mean by "long-necked cats." We're talking about decorative figurines or…

3 days ago

Tips for Winning the Cambodia Lottery

Hey there! So, you're interested in trying your luck with the Cambodia Lottery. Well, you're…

3 days ago

The Evolution of QQKuda Slot Machines

Typically, the journey of slot machines started in the vibrant era of the late 19th…

3 days ago