UMG: UBS reiterates its Buy recommendation

(CercleFinance.com) - UBS reiterates its Buy rating on Universal Music Group (UMG) shares, with an unchanged target price of E29, currently giving them upside potential of 17%.


The analyst believes that streaming momentum continued in Q4 2013.

"Our Spotifycharts.com stream share tracker suggests continued momentum for UMG in Q423 to date led by releases from Taylor Swift and Drake" UBS says.

The group reported adjusted EBITDA of E1,692m to end-September, up 11.7% y-o-y, or 14.4% at constant exchange rates.

YTD bestsellers include King & Prince, Taylor Swift, Morgan Wallen, Karol G and Metro Boomin.


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