Citigroup Maintains Neutral Rating for Tencent Music Enter Gr: Here's What You Need To Know

Citigroup has decided to maintain its Neutral rating of Tencent Music Enter Gr TME and lower its price target from $7.50 to $7.00.

Shares of Tencent Music Enter Gr are trading up 5.01% over the last 24 hours, at $6.50 per share.

A move to $7.00 would account for a 7.69% increase from the current share price.

About Tencent Music Enter Gr

TME is the largest online music service provider in China. It was founded in 2016 with the business combination of QQ Music (founded in 2005), Kuwo Music (founded in 2005) and Kugou Music (founded in 2004) streaming platforms. Tencent is the largest shareholder of TME with over 50% shares and over 90% voting rights held. TME also provides social entertainment services, including music live audio/video broadcasts and online concert services through the three platforms mentioned above, and online karaoke through an independent platform WeSing.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.