Warner Music price target lowered to $34 from $35 at Citi

Citi analyst Jason Bazinet lowered the firm’s price target on Warner Music (WMG) to $34 from $35 and keeps a Buy rating on the shares. The firm unwound the downward revisions it made to its advertising forecasts earlier this year related to tariff risks. The media group will see significant acquisitions over the next few years, the analyst tells investors in a research note. Citi finds the two consensus longs in the sector – Netflix and Spotify – “unappealing at prevailing levels.” While both companies will likely continue to enjoy healthy fundamentals, the recent multiple expansion is “a bit too robust,” the firm contends.