Wells Fargo analyst Omar Mejias upgraded Universal Music Group (UMGNF) to Overweight from Equal Weight with a price target of EUR 33, up from EUR 28. The firm thinks the company’s revenue can reaccelerate to the higher end of its targets. With subscription revenue growth reaccelerating, the stock’s multiple should re-rate, buoyed by UMG’s “industry-leading” share, the analyst tells investors in a research note.
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