- Barclays analyst Kannan Venkateshwar upgraded Warner Music Group Corp WMG to Overweight from Equal Weight with a price target of $48, up from $38, implying an 11.1% Upside.
- The ongoing growth of streaming combined with new revenue sources could result in the music industry exceeding its mid-1990's peak revenues in the next five years, Venkateshwar notes.
- He believes new revenue sources can add 8% to Warner Music's sales and 15%-20% in overall EBITDA over the next two years.
- Venkateshwar prefers shares of Warner Music to Universal Music Group.
- Price Action: WMG shares traded higher by 0.28% at $43.34 on the last check Thursday.
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