Wells Fargo upgraded Warner Music (WMG) to Overweight from Equal Weight with a price target of $39, up from $34. The firm’s Q4 analysis shows a market share “inflection point” for Warner as Atlantic Records “is finally turning.” Atlantic has posted its highest market share in three years after while Warner Records is posting all-time market share highs, the analyst tells investors in a research note. Wells believes the underlying improvements of Warner Music’s frontline labels will be sustainable.
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