Warner Music price target raised to $42 from $40 at JPMorgan

JPMorgan analyst Sebastiano Petti raised the firm’s price target on Warner Music to $42 from $40 and keeps an Overweight rating on the shares following the “better” fisacal Q1 report. Warner will reinvest the majority of cost savings from its recent restructuring plan back into the business to drive efficiencies and operating leverage and augment growth, which makes sense, the analyst tells investors in a research note. The firm believes the company’s streaming momentum is buoyed by its release slate.