Universal Music Group (OTCMKTS:UMGNF) Lowered to “Equal Weight” at Wells Fargo & Company

Wells Fargo & Company cut shares of Universal Music Group (OTCMKTS:UMGNF) from an overweight rating to an equal weight rating in a research note published on Thursday morning, Marketbeat.com reports.

Other analysts have also recently issued reports about the company. Citigroup downgraded Universal Music Group from a buy rating to a neutral rating in a research report on Thursday. Barclays lowered shares of Universal Music Group from an overweight rating to an equal weight rating in a research report on Thursday. Guggenheim downgraded shares of Universal Music Group from a buy rating to a neutral rating in a report on Thursday. HSBC raised shares of Universal Music Group from a reduce rating to a hold rating in a report on Monday, May 20th. Finally, Kepler Capital Markets cut Universal Music Group from a buy rating to a hold rating in a research note on Thursday. Seven analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus target price of $26.18.

Universal Music Group Trading Down 20.3 %

OTCMKTS:UMGNF opened at $24.00 on Thursday. The business’s 50-day moving average is $30.41 and its 200 day moving average is $29.90. Universal Music Group has a 12 month low of $23.65 and a 12 month high of $32.24.

About Universal Music Group

Universal Music Group N.V. operates as a music company worldwide. It operates through Recorded Music, Music Publishing, and Merchandising & Other segments. The Recorded Music segment discovers and develops recording artists, as well as markets and promotes their music across various formats and platforms; and engages in the live events, sponsorship, film, and television operations.