Tencent Music Entertainment Group (NYSE:TME) is one of the best oversold stocks to buy under $20. On March 19, Tencent Music Entertainment Group (NYSE:TME) was downgraded to Equal Weight from Overweight by Morgan Stanley, with the firm bringing the price target on the stock down to $12.30 from $25. It stated that both the firm and the market considerably underestimated the competitive risk at the lower end from Soda Music, adding that the market has started to debate whether Tencent Music Entertainment Group’s (NYSE:TME) moat can work.
Tencent Music Entertainment Group (NYSE:TME) also received a rating update from Mizuho on March 18. The firm cut the price target on the stock to $23 from $28 while maintaining an Outperform rating on the shares. The rating update came after the company released its fiscal Q4 report, with Mizuho stating that it sees uncertainties for Tencent Music Entertainment Group (NYSE:TME) around competition and AI weighing on the shares. The firm further told investors in a research note that the company is facing a “dilemma between near-term operating metrics vs strategic execution”, and thus Mizuho cited execution uncertainties for the target cut.
Tencent Music Entertainment Group (NYSE:TME) is involved in the operation of online music entertainment platforms to provide services such as music streaming, live streaming, and online karaoke. The company’s product brands include QQ Music, Kugou Music, Kuwo Music, and WeSing.
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‘ Some details of this article were extracted from the following source finance.yahoo.com ’
