Tencent Music gets rating downgrades from Benchmark, JPM

Tencent Music Entertainment

18/03/2026 11:38

** Benchmark downgrades stock rating on Tencent Music Entertainment Group 1698.HK, TME.N to "hold" from "buy"

** J.P.Morgan also downgrades rating to "neutral" from "overweight" and also cuts PT to $12 from $30

** Benchmark says it anticipates intensifying competition to weigh on subscription growth, while rapid shifts in content creation and consumption, accelerated by AI adoption, introduce new structural challenges

** 24 of 31 brokerages rate the stock "buy" or higher, seven "hold"; their median PT is $22.30, as per LSEG compiled data

** As of last close, stock down ~35% this year

 (Reporting by Jaspreet Singh in Bengaluru)

 ((Jaspreet.Singh@thomsonreuters.com ; https://twitter.com/i_jass))