02:25 PM EDT, 03/21/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We lower our target by $6 to $30 on a forward TEV/EBITDA of 13.0x, below the peer average at 14.8x including leading companies, Universal Music Group N.V. (UMG NA EUR27 ****) and Live Nation Entertainment Inc. (LYV 106 *****). We think WMG will be a relative underperformer to direct peers in 2024. Since the end of last May, share price is up 38%, which raises fundamental expectations for higher growth of only single digits. We keep our 2024 EPS view at $1.20 and 2025's at $1.50; our revenue forecast is $6.5B in 2024 and $6.8B in 2025. EBITDA estimates are $1.46B in 2024 and $1.56B in 2025. Compared to Sony Music Publishing and UMG, each with market share in the mid-20% range, WMG has a low-teens share of a highly competitive market. As a music wholesaler of artists releases, we think WMG is finding distribution via TikTok and other social media channels as challenging. Also, WMG is closely held, as 72.3% is owned by Access Industries, and is highly leveraged with a 87.5% total debt to total capital ratio.