Macquarie analyst Tim Nollen lowered the firm’s price target on Warner Music (WMG) to $32 from $36 and keeps a Neutral rating on the shares. The firm, after considering the implications of Spotify’s (SPOT) MAU miss, weak ad comments and Universal Music’s (UMGNF) “tepid” 4% streaming growth, modestly trim estimates ahead of the upcoming Warner Music results.
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Read More on WMG:
- Warner Music Group Corp. to Conduct Earnings Conference Call on Wednesday, August 7, 2024
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- Wolfe starts Warner Music at Outperform, views it as pure-play IP company
- Warner Music initiated with an Outperform at Wolfe Research
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