Warner Music price target raised to $38 from $36 at Loop Capital

Loop Capital raised the firm’s price target on Warner Music to $38 from $36 and keeps a Hold rating on the shares. The firm has updated its model to reflect the previously disclosed strategic restructuring which should cost about $140M and result in $200M of run-rate annualized savings, including the company’s transformation program, by the end of 2025, the analyst tells investors in a research note. Loop Capital adds that Warner’s release slate has also improved, and its lineup for the second half of the year “looks promising”.