Warner Music price target lowered to $36 from $41 at TD Cowen

TD Cowen lowered the firm’s price target on Warner Music (WMG) to $36 from $41 and keeps a Buy rating on the shares. The firm notes the company reported Q2 results that missed on top and bottom lines, with Recorded Music sub revenue up only +3% year-over-year CC from a lighter release slate and market share losses in China. The company expects soft Q2 Recorded Music sub revenue growth to persist throughout the year, which is definitely an unwelcome surprise, TD Cowen says.