Why Tencent Music Entertainment Stock Withered on Wednesday
The fallout from a weaker-than-expected earnings report published by Tencent Music Entertainment (NYSE: TME) continued on Wednesday. For the second day in a row, the China-based company was hit with analyst price target cuts, as well as two recommendation downgrades. This pushed the stock down by over 9%.
One of the downgrades came from Benchmark's Fawne Jiang, who lowered her rating on Tencent Music to hold from the previous buy. No price target was provided.
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Source Fool.com
Tencent Holdings Ltd. Stock
€56.99
-2.330%
Based on 2 Buy predictions and 2 Sell predictions the sentiment towards Tencent Holdings Ltd. is rather balanced.
A potential of -21.04%, resulting from comparing the current price of 56.99 € with the target price of 45 € for Tencent Holdings Ltd., shows the chance of incurring significant losses.
