Atlantic Equities upgraded WMG to “overweight”
Warner Music Group Corp (NASDAQ:WMG) is 1.4% higher to trade at $34.12 this afternoon, following no less than two bull notes from analysts.
Atlantic Equities upgraded WMG to “overweight” from “neutral” and hiked its price target to $41 from $34, saying the music streaming company can deliver sustainable growth — potentially 10% annually for 10 years — despite the difficult economic backdrop. Morgan Stanley also raised its price target to $41 from $38.
After briefly trading above the 320-day moving average earlier today — which its only closed above once in the last nine months — WMG is once again facing off with this trendline. Coming upon the end of the year, the shares boast a 46.9% quarterly lead.
Image and article originally from www.schaeffersresearch.com. Read the original article here.