Universal Music Group (OTCMKTS:UMGNF) Downgraded to “Neutral” at Guggenheim

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

UMGNF has been the topic of several other reports. Wolfe Research began coverage on Universal Music Group in a report on Friday, July 12th. They set a peer perform rating on the stock. HSBC upgraded Universal Music Group from a reduce rating to a hold rating in a report on Monday, May 20th. Citigroup downgraded Universal Music Group from a buy rating to a neutral rating in a report on Thursday. Kepler Capital Markets downgraded Universal Music Group from a buy rating to a hold rating in a report on Thursday. Finally, Barclays downgraded Universal Music Group from an overweight rating to an equal weight rating in a report on Thursday. Seven research analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of Hold and an average price target of $26.50.

Universal Music Group Price Performance

Shares of OTCMKTS:UMGNF opened at $23.38 on Thursday. The stock’s 50-day moving average price is $30.25 and its two-hundred day moving average price is $29.88. Universal Music Group has a 12-month low of $22.60 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.