大行评级丨里昂：下调腾讯音乐目标价至23.7美元 下调明年经调整盈利预测

Core Viewpoint - Tencent Music's Q3 financial performance was strong, with revenue and profit exceeding expectations, indicating an increased attractiveness as a preferred music entertainment service provider [1] Financial Performance - Revenue growth is shifting from subscription services to non-subscription services, necessitating larger-than-expected investments [1] - The adjusted profit forecast for Tencent Music in 2026 has been lowered by 7% [1] Target Price Adjustments - The target price for Tencent Music's US stock has been reduced from $28.5 to $23.7 [1] - The target price for its Hong Kong stock has been adjusted from HKD 110.7 to HKD 92.1 [1] Rating - The rating remains "Outperform" despite the adjustments [1]