Reservoir Media price target lowered to $11.50 from $12.50 at B. Riley

B. Riley analyst Griffin Boss lowered the firm’s price target on Reservoir Media (RSVR) to $11.50 from $12.50 and keeps a Buy rating on the shares. Reservoir Media’s Q4 revenue and EBITDA beat the firm’s above-consensus estimates, as the company generated organic growth on its existing catalog of 4% year over year, the analyst tells investors in a research note. The firm is “pleased” to see the company continue to grow its presence internationally, most recently expanding its emerging markets presence with the April launch of a new subsidiary, PopIndia, based in Mumbai, and says Reservoir remains well-positioned with a strong asset base.