Universal Music Group initiated with an Outperform at TD Cowen

TD Cowen initiated coverage of Universal Music Group with an Outperform rating and EUR 26 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.