JPM Cuts TME-SW EPS Forecasts by About 3%, Lowers TP to HKD40
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JPMorgan has reduced its earnings forecasts for TME-SWby approximately 3% for 2026 and 2027, citing a slowdown in paid conversions among price-sensitive users. The firm lowered the stock's target price from HKD48 to HKD40 while maintaining a 'Neutral' rating, noting that the 1Q results confirmed concerns for the streaming business but showed resilience in the IP and non-subscription sectors.
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