Wolfe Research lowered the firm’s price target on Universal Music Group (UMGNF) to EUR 27 from EUR 30 and keeps an Outperform rating on the shares. The firm adjusted ratings and targets in the media and entertainment and telecom and cable sectors as part of its 2026 outlook. Wolfe recommends being overweight live entertainment and music. It downgraded the telecom and cable group to Market Weight, saying it sees “no relief” from the key performance indicator deterioration seen in the second half of 2025.
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