Wedbush Issues Intraday Downgrade on Warner Music (WMG)
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Wedbush has just downgraded shares of Warner Music Group (NYSE: WMG) from Outperform to Neutral, saying that it believes "the stock has largely discounted much of the recent operational improvement." The firm maintained its $6.50 price target.
The firm notes that it's long-term thesis on Warner is still mostly intact, yet the stock's recent run-up has "raised the operational bar for the company, and we're not sure recent results meet this elevated standard."
Wedbush boosted its FY10 sales estimate from $3.2 billion to $3.23 billion, but also widened its yearly loss estimate from $0.36 to $0.48. The Street is currently looking for FY10 sales and earnings of $3.12 billion and ($0.43), respectively.
Shares of Warner are currently down more than 16% to around $5.88.
Warner Music Group Corp., a music content company, provides recorded music and music publishing services worldwide.
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