TD Cowen bullish on music industry, starts Warner at Outperform

TD Cowen analyst Doug Creutz initiated coverage of Warner Music with an Outperform rating and $38 price target. The analyst is “generally bullish” on the music industry from the record label perspective.” The company earns in excess of 20% return on invested capital, and this level of return is generally only achievable in industries with “benign competitive dynamics,” the analyst tells investors in a research note. The firm says that with price increases.