The title UMG wins greater than 2.8%, after dropping 9% yesterday.
In a memo launched right now, BofA attributes the day gone by’s stoop to a examine by Kantar claiming that subscriptions to on-line music listening providers are trending down.
A million paid accounts on audio streaming platforms have been canceled within the UK within the first quarter, as customers attempt to protect their buying energy, the survey mentioned.
For the middleman, this report is contradicted by different sources of data deemed extra credible.
“We disagree with these findings and due to this fact view the inventory’s bout of weak point as a very enticing shopping for alternative,” he mentioned in his observe.
Financial institution of America due to this fact maintains its purchase suggestion on Common Music Group, with a goal value of 31 euros.
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