摩根士丹利发表报告，将腾讯音乐(TME.US)目标价由10.5美元下调至10.1美元，评级维持与大市同步。该行认为，喜马

智通财经08-12 14:21

摩根士丹利发表报告，将腾讯音乐(TME.US)目标价由10.5美元下调至10.1美元，评级维持与大市同步。该行认为，喜马拉雅收购的协同效应，或将在相对漫长的竞争及盈利下调周期中成为一个变数；加速的股份回购虽提供部分下行支撑，但竞争方面需有更清楚的说明。该行下调腾讯音乐2026至2028年每股盈利预测3%至7%，以反映竞争导致会员服务收入转弱。该行认为，现价相当于2027年预测市盈率10倍、扣除现金后市盈率6.6倍属吸引，但估值重评需视乎竞争格局改善。

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