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Morgan Stanley: Expects Tencent Music stock price to rise in the next 60 days with a target price of $19
On August 6, Golden Ten Data reported that Morgan Stanley released a technical research report, predicting that the stock price of Tencent Music (TME.N) will rise in the next 60 days, with a probability of over 80%, and the target price is $19, with a rating of 'buy'. The report stated that the recent adjustment of Tencent Music's stock price in the overall market has made its short-term valuation more attractive. The report also pointed out that the fundamental factors of Tencent Music are still solid, and it is the stock least affected by macroeconomic weakness and competition in its coverage. The valuation of the stock is equivalent to a predicted P/E ratio of less than 15 times for 2025, with a predicted adjusted net profit of 9.5 billion yuan, a rise of over 25% annually. It is believed that driven by subscribers, advertising, other music revenue, and profit margin, the stock still has room to rise. At the same time, it is expected that Tencent Music's second-quarter performance and third-quarter guidance, which will be announced soon, will slightly exceed market expectations.