Get the latest gossip

Tencent Music Shares Gain 16% on Earnings, Analyst Upgrades as Music Stocks Surge to New High

Tencent Music shares gained on its earnings release as music stocks hit an overall high thanks to performers like Cloud Music, Spotify and UMG.

While there were an equal number of winners and losers, the three top performers had double-digit gains — Cumulus Media was up 18% — while the worst-performing stock, Sphere Entertainment Co., fell 8.1%. While Guggenheim maintained its “buy” rating, it dropped its price target to account for “headwinds at the core broadcast business,” analysts wrote in a May 15 note to investors. Outside of the Billboard Global Music Index, JYP Entertainment fell 13.4% to 60,000 won ($44.30) following the company’s release of first-quarter earnings after the markets closed on May 10.

Get the Android app