UBS reiterates its Buy recommendation on Universal Music Group (UMG) shares, with an unchanged target price of E29, giving a potential upside of 17% compared with the current share price.

The analyst believes that streaming momentum continued in Q4 2013.

' Our Spotifycharts.com market share indicator shows that UMG continued its momentum in Q4 2023, thanks to the releases of Taylor Swift and Drake ' says UBS.

The group reported adjusted EBITDA of 1,692 million euros to end September, up 11.7% year-on-year, or 14.4% at constant exchange rates.

Year-to-date bestsellers include King & Prince, Taylor Swift, Morgan Wallen, Karol G and Metro Boomin.

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