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Fly News Breaks for February 18, 2020
TME
Feb 18, 2020 | 08:04 EDT
As previously reported, KeyBanc analyst Hans Chung downgraded Tencent Music to Sector Weight from Overweight as the company sees regulatory headwinds for social entertainment and thus materially guides down Q1 and 2020 growth. The analyst believes regulatory headwinds and competition will continue to weigh on Tencent Music's SE and sees risk to the new model despite a material reset. With the stock trading at a premium to peers, he would look for a more favorable risk/reward or meaningful recovery in SE before becoming more constructive.
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