Warner Music rises as UBS turns bullish

Deezer SA

03/10/2023 16:27

** Warner Music Group's  WMG.O  shares up 1.0% at $31.41
after UBS upgrades media firm to "buy" from "neutral"
    ** Brokerage boosts PT by $3 to $37, inline with Wall Street
median, per LSEG data
    ** UBS says expects recent digital service providers' price
increases from likes of Spotify  SPOT.N , YouTube and Deezer
 DEEZR.PA  among others, new monetization opportunities from
emerging platforms (renewed TikTok deal) and improving streaming
share to provide upside to Street estimates
    ** WMG's foreign-currency-neutral streaming rev growth
expected to ramp to 12%+ in F4Q from 10.5% in F3Q, and continue
to grow double-digits in fiscal 2024, UBS says
    ** Avg rating among 18 analysts covering WMG is "buy"
    ** With move on Tues, shares down 10% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))