Bernstein raised the firm’s price target on Warner Music (WMG) to $39 from $38 and keeps an Outperform rating on the shares. The firm notes Warner Music printed 18% year-over-year nominal subscription streaming growth as Bernstein expected and 15% FXN, which represented 12%-13% normalized for one-offs in Q2 2025. The firm came away from results with increased conviction in the durability of high-teens/low-20s OIBDA growth on cost discipline and frontline execution.
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