高盛发表研报指，腾讯音乐股价在过去六个月回落，反映市场日益加剧的忧虑，包括音乐串流平台竞争对手带来的挑战、非订阅业务及现场活动赞助业务占比提升可能带来的利润率压力，以及近期有关AI对整个音乐产业影响的讨论。 该行预期公司2025年第四季音乐业务收入按年升17%，由订阅业务增长中十位数所带动；另预期公司今年整体收入按年增长中十位数，利润率维持稳定，因公司专注其策略，透过扩大每付费用户平均收入(ARPU)来提升服务供应及会员变现。 基于股份目前交易于近五年的估值区间的下限水平，该行认为风险回报具吸引力，维持“买入”评级，将腾讯音乐港股目标价由90港元降至78港元，美股目标价由23美元降至20美元。
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