Analyst: WMG Stock Can Deliver "Sustainable Growth"

At least two analysts hiked their price targets as well

Jake Scott

Deputy Editor

Dec 19, 2022 at 2:58 PM

Warner Music Group Corp (NASDAQ:WMG) is 1.4% higher to trade at $34.12 this afternoon, following no less than two bull notes from analysts.

Atlantic Equities upgraded WMG to "overweight" from "neutral" and hiked its price target to $41 from $34, saying the music streaming company can deliver sustainable growth -- potentially 10% annually for 10 years -- despite the difficult economic backdrop. Morgan Stanley also raised its price target to $41 from $38.

After briefly trading above the 320-day moving average earlier today -- which its only closed above once in the last nine months -- WMG is once again facing off with this trendline. Coming upon the end of the year, the shares boast a 46.9% quarterly lead.

WMG Chart December 192022

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