Why Analysts Are Bullish on Tencent Music

Tencent Music Entertainment Group has been getting a lot of attention from analysts lately. Daiwa Capital Markets recently upgraded their rating from "neutral" to "outperform. " This isn't the only good news for the company. Other analysts have also given positive ratings. Morgan Stanley kept their "overweight" rating, while Sanford C. Bernstein maintained their "outperform" rating. Macquarie even set a price target of $26. 20. Most analysts seem to agree that Tencent Music is a good investment, with a consensus rating of "buy" and an average price target of $23. 29. Tencent Music's stock has been doing well. It opened at $25. 64 recently, which is higher than its 50-day and 200-day moving averages. The company has a strong financial position, with a quick ratio of 1. 83 and a low debt-to-equity ratio of 0. 05. It's also worth noting that institutional investors own a significant portion of the stock, around 24. 32%.Hedge funds have been active with Tencent Music's stock. Ethic Inc. bought a new position worth about $192, 000. Envestnet Asset Management increased their stake by 10. 6%, while Balyasny Asset Management boosted their stake by a huge 2, 271. 0%. Dimensional Fund Advisors also increased their stake by 12. 1%. Raymond James Financial Inc. started a new stake in the company. Tencent Music operates popular platforms like QQ Music, Kugou Music, and Kuwo Music. These platforms offer personalized music discovery, long-form audio content, and music-oriented video content. The company also has WeSing, a popular karaoke app that lets users sing along and share their performances.