UBS initiated coverage of Warner Music Group with a Neutral rating and $29 price target. The analyst sees Warner as a long-term beneficiary of secular trends in the music industry. However, the company’s revenue growth has recently been below industry levels due to a delayed release slate and a choppy advertising market, the analyst tells investors in a research note. The firm believes artificial intelligence risks and uncertainty will limit Warner’s multiple expansion in the near-term, creating a balanced risk/reward profile.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on WMG:
- AI crushed music label stocks, but won’t kill them, Barron’s says
- 3 Best Stocks to Buy Now, 5/16/2023, According to Top Analysts
- Warner Music Group Corp. to Participate in J.P. Morgan Global Technology, Media and Communications Conference
- Warner Music Group Corp. Announces Quarterly Cash Dividend
- 3 Best Stocks to Buy Now, 5/12/2023, According to Top Analysts