Tencent Music Entertainment Group (NYSE:TME) shares are trading lower after Morgan Stanley downgraded the stock from Overweight to Equal-Weight and lowered its price target from $23 to $14. The stock may also be down with overall Chinese markets, which are lower for the session.
Shares of iShares China Large-Cap ETF (NYSE:FXI) were down about 0.54% at $44.50.
Tencent Music Entertainment Group operates online music entertainment platforms that provides music streaming, online karaoke and live streaming services in the People’s Republic of China.
Tencent Music Entertainment’s stock was trading about 5.4% lower at $11.73 per share on Friday. The stock has a 52-week high of $32.25 and a 52-week low of $11.67.
