Warner Music Group Corp. (WMG) Misses Q1 EPS by 14c

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Go back to Warner Music Group Corp. (WMG) Misses Q1 EPS by 14c

Warner Music Group (WMG) PT Raised to $42 at Deutsche Bank

February 9, 2024 10:32 AM EST

Deutsche Bank analyst Benjamin Black raised the price target on Warner Music Group (NASDAQ: WMG) to $42.00 (from $40.00) while maintaining a Buy rating.

The analyst comments "Strong Music Publishing growth (22% y/y in F1Q) drove outperformance, with Performance and Digital y/y revenue growth accelerating 6% and 11%, respectively. Within Recorded Music, streaming revenue growth came in 3% ahead of our expectations, accelerating to 13.7% y/y F1Q24 growth (13.1% FXN) from 10% y/y in the F4Q23, driven by a $27mn license renewal. However,... More