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

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

UMGNF has been the subject of a number of other reports. HSBC upgraded Universal Music Group from a reduce rating to a hold rating in a research report on Monday, May 20th. Kepler Capital Markets lowered Universal Music Group from a buy rating to a hold rating in a research report on Thursday. Barclays lowered Universal Music Group from an overweight rating to an equal weight rating in a research report on Thursday. Finally, Wolfe Research began coverage on Universal Music Group in a research report on Friday, July 12th. They set a peer perform rating for the company. Seven research analysts have rated the stock with a hold rating and one has issued 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 Down 2.6 %

OTCMKTS:UMGNF opened at $23.38 on Thursday. The business’s 50-day moving average price is $30.25 and its 200 day moving average price is $29.88. Universal Music Group has a 52-week low of $22.60 and a 52-week 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.