FBN Securities analyst Matthew Thornton initiated coverage of Warner Music (WMG) with a Sector Perform rating and $35 price target The firm views music streaming as a “durable” long-term growth category, with continued volume growth driven by product value proposition and tiering opportunities. However, it awaits evidence that Warner’s reinvestment is driving growth, margins, and cash conversion.
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Read More on WMG:
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- Spotify (SPOT) Prepares to Launch Premium “Music Pro” Subscription Tier
- Warner Music upgraded to Buy from Neutral at Citi
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