UBS has reiterated its recommendation to buy Universal Music Group (UMG) and has maintained a price target of 26 euros. This indicates a potential upside of 26% for UMG's stock.
According to UBS, label revenues from paid streaming grew by approximately 8% year-on-year in the third quarter, which is consistent with the previous quarter's performance. UBS also highlights the positive impact of Amazon's recent bundling of audiobooks with its Music Unlimited service, seeing it as a promising development for the music streaming sector. This reaffirms UMG's strength and resilience in the evolving music entertainment landscape.