Morgan Stanley has decided to maintain its Overweight rating of Warner Music Group (NASDAQ:WMG) and lower its price target from $50.00 to $40.00.
Shares of Warner Music Group are trading down 4.05% over the last 24 hours, at $27.96 per share.
A move to $40.00 would account for a 43.06% increase from the current share price.
About Warner Music Group
Warner Music Group is the third largest of the three major global record labels, with Vivendi's Universal Music in first and Sony Music in second. Warner's larger segment, recorded music, consists of iconic labels like Atlantic Records, Warner Records, and Parlophone Records and popular artists such as Ed Sheeran, Cardi B, Dua Lipa, and Blake Shelton. Warner Chappell, the firm's publishing arm, is the home to over 65,000 composers and songwriters with over a million copyrights represented. Warner is controlled by Access Industries, which owns an 84% economic interest and 99% of voting rights.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.
