UBS upgraded WMG and hiked its price target
Warner Music Group (NASDAQ:WMG) stock is higher today, after UBS upgraded the shares to “buy” from “neutral” and hiked its price target hike to $37 from $34. The firm noted the WMG’s recent dip, as well as the company’s positive position in regard to music streaming.
At last glance, WMG was up 2.5% at $31.86 and moving back above its 20-day moving average. The stock began moving higher after its late-September pullback, after bouncing off its 320-day trendline near the $29 level. Year to date, the equity is down 9.3%.
Of the 18 analysts in coverage, 11 carry a “buy” or better rating, while the 12-month consensus price target of $35.63 sits at an 11.8% premium to current levels.