Warner Music price target raised to $34 from $30 at Wells Fargo

Wells Fargo analyst Omar Mejias raised the firm’s price target on Warner Music (WMG) to $34 from $30 and keeps an Equal Weight rating on the shares. The firm notes the company delivered solid Q3 results with subscription growth well above expectations. Warner continued to re-deploy cost savings into A&R, M&A and tech to create efficiencies. Wells expects these actions coupled with new wholesale terms will re-accelerate growth over the long term.