Tencent Music Shares Gain 16% on Earnings, Analyst Upgrades as Music Stocks Surge to New High ...Middle East

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Tencent Music Shares Gain 16% on Earnings, Analyst Upgrades as Music Stocks Surge to New High
Tencent Music Entertainment (TME) stock rose 15.7% to $15.43 after the release of its first-quarter earnings on Monday (May 13), which showed net profit rising 28% to $212 million as music subscription revenue surpassed $500 million and the company’s subscribers rose by 7 million to 113 million. Online music revenue climbed 43% to $693 million, helping offset a nearly 50% decrease in social entertainment revenues to $244 million. Numerous analysts upped their price targets for TME this week following the company’s earnings release. Jefferies raised TME to $15.40 from $12.00. Mizuho raised its price target to $15.00 f

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