Tencent Music gets rating downgrades from Benchmark, JPM

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