Universal Music Group downgraded to Equal Weight from Overweight at Wells Fargo

Wells Fargo analyst Omar Mejias downgraded Universal Music Group (UMGNF) to Equal Weight from Overweight with a price target of EUR 20, down from EUR 28. The firm cites the recent deceleration of Universal’s streaming volumes for the downgrade. The market will “increasingly conflate cyclical weakness with secular AI disruption,” the analyst tells investors in a research note.