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UMG: stock up as UBS raises TP

( - Universal Music Group's share was up on Tuesday, with UBS raising its target price for the stock from 25 euros to 27 euros, maintaining its buy rating, ahead of its quarterly earnings release.

In its comments, UBS explains that its latest checks within the sector suggest pleasant surprises in the publication of 27 October, the first since the the music group was listed.

The broker says it expects a "solid" performance - not only from the streaming business but also from physical record sales, driven by strong vinyl sales in the US and Taylor Swift and King and Prince sales in Japan.
Shortly before noon, the stock was up 0.5% on Euronext Amsterdam: since its IPO at the end of last month, the stock has risen by over 35%.

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