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

B. Riley raised the firm’s price target on Reservoir Media (RSVR) to $12.50 from $11.50 and keeps a Buy rating on the shares following the fiscal Q2 beat. The firm says music royalties continue to drive robust cash flow for the company. Continued operational execution by management stands to close the stock’s valuation gap as ongoing secular industry tailwinds propel overall music monetization higher, the analyst tells investors in a research note.