Citi upgraded Universal Music Group (UMGNF) to Buy from Neutral with a price target of EUR 29, up from EUR 27 as part of a broader research note on North America Interactive Media & Entertainment. The firm believes that the record labels will increase the wholesale price of music for all DSPs, and it sees the best way to invest in this theme as owning record labels like Warner (WMG) and Universal Music, the analyst tells investors in a research note. Citi adds that it now has a better understanding of how and when these new contracts will benefit all the record labels, following up its earlier upgrade of Warner with the upgrade of Universal.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on UMGNF:
- Paramount Skydance looks to revive MTV, other channels, WSJ says
- Universal Music Group price target raised to EUR 27 from EUR 26 at Citi
- Universal Music Group price target lowered to EUR 27 from EUR 28 at Barclays
- Universal Music Group’s Earnings Call Highlights Strong Growth
- Universal Music Group price target lowered to EUR 39 from EUR 40 at JPMorgan