Goldman Sachs upgraded Tencent Music to buy the latest target price of $14.00.

  () US stock news March 20 Goldman Sachs

  Tencent Music released its 2023 annual report on March 19th. As of December 31st, 2023, the company had an operating income of 27.752 billion yuan, a year-on-year decrease of -2.07%, a net profit of 5.220 billion yuan and a basic earnings per share of 1.58 yuan.

  Tencent Music Entertainment Group was established on June 6, 2012. Tencent Music Entertainment Group is a holding company that mainly provides and operates online music entertainment platforms. The company mainly provides online music services, social entertainment services and other services. The company provides online music and social entertainment services through four major product brands: QQ Music, Cool Dog Music, Cool Me Music and National K Song, so as to meet the music and entertainment needs of China users. The company also provides an application focusing on long audio, lazy listening to books, to improve its flagship product portfolio with music as the core. The company is also engaged in selling music-related goods, providing services for smart devices and automobile manufacturers, and ticketing services for online music events. The company mainly conducts business in domestic and foreign markets.

(Source: Straight Flush iFinD)