Topping the list of Morgan Stanley's favorite European stocks heading into earnings season is UMG on Amsterdam's Euronext. The Wall Street firm's notes have the music major's stock-price ceiling listed at a potential 50% increase.
“We expect the stock to rally into earnings, due in early March," reads a statement. "We think consensus forecasts for Subscription & Streaming revenue growth and margins in 2023 are too low and believe FY′22 earnings will be a catalyst for a reassessment of both metrics by investors.”
The stock has been trading around $25 a share this week.
Included in UMG's Q4 earnings will be Taylor Swift's massive Midnights, as well as #1 albums by Drake and Metro Boomin.
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