Warner Music price target raised to $37 from $35 at Wells Fargo

Wells Fargo analyst Omar Mejias raised the firm’s price target on Warner Music to $37 from $35 and keeps an Equal Weight rating on the shares. With a restructuring plan in place, the firm expects Warner Music to go on offense and implement a hunting and harvesting approach. With the savings, Wells expects management to lean into A&R, catalog acquisitions, and M&A to continue to drive streaming momentum.