Universal Music Group: strong rebound, a supporting broker


(CercleFinance.com) – Universal Music Group shares rose sharply on the Amsterdam Stock Exchange on Friday in the wake of comments from Bank of America, which maintained its buy recommendation on the stock.

The title UMG wins more than 2.8%, after dropping 9% yesterday.

In a memo released today, BofA attributes the previous day’s tumble to a study by Kantar saying subscriptions to online music listening services are trending down.

One million paid accounts to audio streaming platforms were canceled in the UK in the first quarter, as consumers try to preserve their purchasing power, the survey said.

For the intermediary, this report is contradicted by other sources of information deemed more credible.

“We disagree with these conclusions and therefore view the stock’s bout of weakness as a particularly attractive buying opportunity,” he said in his note.

Bank of America therefore maintains its buy recommendation on Universal Music Group, with a target price of 31 euros.

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