Universal Music Group (OTCMKTS:UMGNF) Downgraded by Wells Fargo & Company

Wells Fargo & Company downgraded shares of Universal Music Group (OTCMKTS:UMGNF) from an overweight rating to an equal weight rating in a report released on Thursday morning, MarketBeat reports.

A number of other equities analysts have also recently commented on UMGNF. Guggenheim cut shares of Universal Music Group from a buy rating to a neutral rating in a research note on Thursday. HSBC upgraded shares of Universal Music Group from a reduce rating to a hold rating in a research note on Monday, May 20th. Kepler Capital Markets lowered shares of Universal Music Group from a buy rating to a hold rating in a research note on Thursday. Wolfe Research started coverage on shares of Universal Music Group in a report on Friday, July 12th. They issued a peer perform rating on the stock. Finally, Citigroup downgraded shares of Universal Music Group from a buy rating to a neutral rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Hold and a consensus target price of $26.50.

Universal Music Group Price Performance

Shares of OTCMKTS:UMGNF opened at $23.38 on Thursday. Universal Music Group has a 52 week low of $22.60 and a 52 week high of $32.24. The firm has a fifty day simple moving average of $30.25 and a two-hundred day simple moving average of $29.88.

Universal Music Group Company Profile

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.