Warner Music Group (WMG) Higher On Analyst Upgrade, EMI Speculation

Shares of Warner Music Group (NYSE: WMG) are rocketing higher today after Citigroup upgraded the stock two notches to Buy from Sell, citing valuation, free free cash flow generation and potential cost savings if the company company ties-up with rival EMI.

The firm said Warner Music could find about $230 million in cost savings by combining music operations with EMI.

Citi raised their price target on Warner Music Group from $2.50 to $6.00.

Shares of Warner Music Group are up 8.6% to $4.93 in mid-day action today.

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