Why Tencent Music Entertainment Stock Withered on Wednesday

The fallout from a weaker-than-expected earnings report published by Tencent Music Entertainment (NYSE: TME) continued on Wednesday. For the second day in a row, the China-based company was hit with analyst price target cuts, as well as two recommendation downgrades. This pushed the stock down by over 9%. Earnings fallout One of the downgrades came from Benchmark's Fawne Jiang, who lowered her rating on Tencent Music to hold from the previous buy. No price target was provided. Will AI create the world's ...