Warner Music price target raised to $38 from $35 at Morgan Stanley

Morgan Stanley raised the firm’s price target on Warner Music (WMG) to $38 from $35 and keeps an Overweight rating on the shares. In the media and entertainment group, the firm anticipates another strong year of advertising growth in the U.S. and forecasts year-over-year total U.S. advertising up 6%-plus, or 8%-plus excluding political and Olympic spending. The firm also continues to believe the box office has another two years of growth ahead of it as film supply normalizes back to pre-pandemic levels, the analyst added in a year-ahead outlook note for the group.