Universal Music Group initiated with a Buy at MoffettNathanson

MoffettNathanson analyst Clay Griffin initiated coverage of Universal Music Group (UMGNF) with a Buy rating and EUR 26 price target Fifteen years into the penetration of music streaming, the market, at least in developed markets, is largely saturated and the subscriber growth chapter of the story is “drawing to a close,” says the analyst, who sees the next chapter being “all about pricing.” The firm thinks “there’s plenty of room for pricing growth,” the analyst added.