Warner Music price target raised to $35 from $26 at Citi

Citi analyst Jason Bazinet raised the firm’s price target on Warner Music to $35 from $26 and keeps a Neutral rating on the shares. If the Street’s forecast for Spotify’s Premium subscribers and ad-supported hours are reasonable, there is scope for Warner’s estimates to move modestly higher over the next two years, Bazinet tells investors in a research note. The analyst raised his estimates and target price on Warner Music but given the recent strength in the share price over the past few months, he does not see sufficient upside in the equity from the prevailing levels.