大摩：上调腾讯音乐目标价12.2%至16.5美元

Group 1 - Morgan Stanley raised the target price for Tencent Music (TME.N) by 12.2% from $14.7 to $16.5, maintaining an "Overweight" rating [1] - The increase in target price is based on the consideration of Tencent Music's long-term strategic investments, applying a 30% discount to market value [1] - The strategic investments include a 2% stake in Spotify, a 2% stake in UMG, and a 0.8% stake in Warner Music Group, which collectively represent a value of $2 per American Depositary Share (ADS) [1] Group 2 - Tencent Music's associated company allocated UMG shares to Tencent Music in 2019, with the first quarter of 2025 being a trigger for this change [1]