Why Warner Music Group Stock Jumped 13% on Tuesday
Warner Music Group (NASDAQ: WMG) shareholders trounced a rising market on Tuesday, with shares up by 13% as of 3:30 p.m. EDT. The surge came following a significant stock price target upgrade by a Wall Street investment firm.
An analyst at Credit Suisse hiked the bank's rating on the music giant to an outperform (or buy), saying in a note to clients that Warner Music should be a winner as demand continues to shift toward streaming. The analyst landed on a $48 per share short-term price target on the stock -- about 19% higher than Monday's closing price.
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Source Fool.com