Warner Music price target raised to $38 from $35 at Bernstein

Bernstein raised the firm’s price target on Warner Music (WMG) to $38 from $35 and keeps an Outperform rating on the shares. The firm remains as bullish as ever on music as the industry pivots from a focus on volume growth to a nascent, palpable pricing opportunity. Bernstein believes the shift in the music business is analogous to the oil industry’s evolution from expensive, decade-long developments to the “shale” era, where value can be derived from assets that turn on quickly and flexibly.