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.
Image source: Getty Images.
Source Fool.com
Tencent Holdings Ltd. Stock
€54.02
-1.120%
With 3 Buy predictions and 2 Sell predictions the community is currently undecided on Tencent Holdings Ltd..
However, we have a potential of -16.7% for Tencent Holdings Ltd. as the target price of 45 € is below the current price of 54.02 €.
