Morgan Stanley analyst Benjamin Swinburne downgraded Warner Music (WMG) to Equal Weight from Overweight with a price target of $32, down from $37. The firm says reduced estimates to reflect more conservative industry and company growth expectations. It is now roughly 2%-4% below consensus, which it believes creates a more balanced risk/reward on the shares. Market expectations for Warner’s growth may prove optimistic, the analyst tells investors in a research note.
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