Deutsche Bank reinstates coverage on Warner Music Group (WMG) at Hold
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Deutsche Bank reinstates coverage on Warner Music Group (NYSE: WMG) with a Hold rating and $13 price target. The firm said, Warner Music's improvements in redefining its product are not outpacing the music industry's woes; a 19% decline in CD sales in the U.S. in 1H07 shows huge deterioration from 2006?s pace of down 8%, leading to Warner?s recorded music sales slowing to down 6-7% in FY07 from up 3% in FY06."
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