Deutsche Bank lowered the firm’s price target on Warner Music to $36 from $42 and keeps a Buy rating on the shares. The company reported a mixed quarter with revenue and adjusted OIBDA that came in below Street expectations, the analyst tells investors in a research note. The firm adds that Warner’s Recorded Music subscription streaming accelerated to 14% year-over-year growth on a normalized basis, outperforming expectations. It views the stock’s valuation as “undemanding” at current levels.
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