Post a Free Blog

Submit A Press Release

Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors
Filter by Categories
Action
Animation
ATP Tour (ATP)
Auto Racing
Baseball
Basketball
Boxing
Breaking News
Business
Business
Business Newsletter
Call of Duty (CALLOFDUTY)
Canadian Football League (CFL)
Car
Celebrity
Champions Tour (CHAMP)
Comedy
CONCACAF
Counter Strike Global Offensive (CSGO)
Crime
Defense of the Ancients (DOTA)
Documentary and Foreign
Drama
eSports
European Tour (EPGA)
Fashion
FIFA
FIFA Women’s World Cup (WWC)
FIFA World Cup (FIFA)
Fighting
Football
Formula 1 (F1)
Fortnite
Golf
Health
Hockey
Horror
IndyCar Series (INDY)
International Friendly (FRIENDLY)
Kids & Family
League of Legends (LOL)
LPGA
Madden
Major League Baseball (MLB)
Mixed Martial Arts (MMA)
MLS
Movie and Music
Movie Trailers
Mystery
NASCAR Cup Series (NAS)
National Basketball Association (NBA)
National Football League (NFL)
National Hockey League (NHL)
National Women's Soccer (NWSL)
NBA Development League (NBAGL)
NBA2K
NCAA Baseball (NCAABBL)
NCAA Basketball (NCAAB)
NCAA Football (NCAAF)
NCAA Hockey (NCAAH)
Olympic Mens (OLYHKYM)
Other
Other Sports
Overwatch
PGA
Politics
Premier League (PREM)
Romance
Sci-Fi
Science
Soccer
Sports
Sports
Technology
Tennis
Truck Series (TRUCK)
Ultimate Fighting Championship (UFC)
Uncategorized
US
Valorant
Women’s National Basketball Association (WNBA)
Women’s NCAA Basketball (WNCAAB)
World
World Cup Qualifier (WORLDCUP)
WTA Tour (WTA)
Xfinity (XFT)
XFL
0
-- Advertisement --spot_img
HomeBusinessTencent Music Entertainment’s Price Target Boosted at Benchmark Following Q1 Earnings

Tencent Music Entertainment’s Price Target Boosted at Benchmark Following Q1 Earnings

Add to Favorite
Added to Favorite


Benchmark analysts increased their price target on Tencent Music Entertainment Group (NYSE:TME) to $19 from $14 and maintained their Buy rating following the company’s reported Q1 earnings, which resulted in more than a 10% stock price surge yesterday.
The analysts highlighted that Tencent Music’s first-quarter results for 2024 met all key metrics: the company saw strong subscriber growth in its music segment, adding a record 6.8 million net subscribers during the quarter. This growth was propelled by both subscription and advertising revenues. Additionally, there was significant gross profit margin (GPM) expansion both year-over-year (789 basis points) and quarter-over-quarter (263 basis points). The company also announced its decision to issue an annual dividend.
The analysts are optimistic about Tencent Music’s continued growth in online music, driven by an enriched content library and the launch of innovative product offerings, including potential future benefits from generative AI technologies. This outlook led them to raise financial estimates for 2024 and 2025, and subsequently the price target to $19, reflecting an expected upward earnings revision and multiple expansion.

Subscribe to get Latest News Updates

Latest News

You may like more
more