Morgan Stanley analyst Benjamin Swinburne lowered the firm’s price target on Warner Music (WMG) to $31 from $32 and keeps an Equal Weight rating on the shares. The firm lowers estimates following lower-than-expected Q2 results, noting that streaming revenue growth and margin expansion in FY25 appears to be again lower than previously expected. Shares are likely to be range-bound until there is evidence of growth acceleration, the analyst contends.
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