Universal Music Group (OTCMKTS:UMGNF) Cut to “Neutral” at Citigroup

Citigroup downgraded shares of Universal Music Group (OTCMKTS:UMGNF) from a buy rating to a neutral rating in a research report report published on Thursday, Marketbeat.com reports.

Several other equities analysts have also commented on UMGNF. Kepler Capital Markets lowered shares of Universal Music Group from a buy rating to a hold rating in a report on Thursday. Wolfe Research initiated coverage on shares of Universal Music Group in a report on Friday, July 12th. They issued a peer perform rating on the stock. HSBC upgraded shares of Universal Music Group from a reduce rating to a hold rating in a report on Monday, May 20th. Finally, Barclays lowered shares of Universal Music Group from an overweight rating to an equal weight rating in a report on Thursday. Seven investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of Hold and a consensus price target of $26.50.

Universal Music Group Stock Performance

Shares of UMGNF stock opened at $23.38 on Thursday. The firm’s 50 day moving average price is $30.25 and its 200-day moving average price is $29.89. Universal Music Group has a one year low of $22.60 and a one year 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.