Warner Music price target lowered to $35 from $38 at Loop Capital

Loop Capital lowered the firm’s price target on Warner Music (WMG) to $35 from $38 and keeps a Hold rating on the shares. Warner is at the early stages of management changes to try to reaccelerate recorded music growth, as the major labels continue to grow slower than their largest customer, Spotify (SPOT), the analyst tells investors in a research note.