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- Deutsche Bank analyst Benjamin Black initiated coverage of stocks under the Recorded Music and Music Publishing category.
- The category was "largely underpenetrated, under-monetized, and flush with optionality," now driven by social media, gaming, digital fitness.
- The music business, which has been volatile over the last two decades, demonstrated much more excellent stability in trends, Black added.
- Black initiated Spotify Technology SA (NYSE:SPOT) with a Hold and $140 price target (11.6% upside).
- Black was bullish on Spotify's Premium Streaming growth opportunity, while less constructive than the Street on the upside opportunity with the emerging advertising business.
- Black initiated Warner Music Group Corp (NASDAQ:WMG) with a Buy and $42 price target (29.8% upside).
- Black initiated Universal Music Group NV (OTC:UMGNF) with a Buy and €42 price target.
- Price Action: SPOT shares traded lower by 5.10% at $125.91 on the last check Friday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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