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Nomura initiates a "Buy" rating on Tencent Music with a target price of $17.20 for US stocks.
Jin10 reported on April 8 that Nomura issued a report stating that, in the context of an economic slowdown, Tencent Music (TME.N) offers reasonably priced entertainment services, hence giving it an initial “Buy” rating and setting a target price of $17.2 for its US stocks. Nomura estimates that Tencent Music’s market share will exceed 70% in 2024 based on online music revenue.