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WMG STOCK SOARS

Warner Music Group opened on the Nasdaq this morning at a record high of more than $46 a share. The stock is up 25% since the start of the year.

The Steve Cooper-led conglom has reached new heights over the last month, having topped $40 a share at the close on 9/10. The stock closed at $46.12 on Monday and $45.64 on Friday; it opened today at $46.46.

The surge follows Morgan Stanley analyst Ben Swinburne's setting a price target of $53 for the stock. As we’ve seen with other publicly traded companies in the music business, the rosy outlook owes to a faith in streaming growth, more income from new platforms such as gaming and exercise equipment and the reopening of the concert business.

WMG's market cap is $23.24b.

 

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