JPMorgan downgrades Tencent Music as company faces regulatory hurdles in China

Mascots of Tencent Music Entertainment celebrate the company's IPO outside the New York Stock Exchange (NYSE) in New York, U.S., December 12, 2018. 
Bryan R Smith | Reuters

New regulations in China have cut into the bull case for shares of Tencent Music Entertainment, according to JPMorgan.

More In Street Calls

CNBC ProBarclays raises price target for Alphabet after 'standout performance' in third quarter
CNBC ProGoldman hikes price target on Tesla, says Hertz deal can help stock rise another 10%
CNBC ProLoop downgrades UPS to hold after stock's post-earnings surge