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Wolfe upgrades Universal Music Group on ‘immense opportunity’

Wolfe Research upgraded Universal Music Group to Outperform from Peer Perform with a EUR 27 price target The firm says Universal Music’s valuation multiple is now at parity to the S&P 500 Index, despite a “sustained double-digit growth profile, and new story: ‘Streaming 2.0’ ripening.” The analyst views tiering as a low-risk opportunity to monetize untapped revenue streams. Wolfe believes Universal Music’s “leading” value to price ratio, control of its intellectual property and tiering “create immense opportunity.”

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