Warner Music price target raised to $36 from $35 at Macquarie

Macquarie analyst Tim Nollen raised the firm’s price target on Warner Music to $36 from $35 and keeps a Neutral rating on the shares, following an “an impressive top- and bottom-line beat” for Q1. The analyst noted that Warner intends to reduce staff by 10%, saving an estimated $200M annually, which management said will allow the company to reallocate resources to grow recorded music.