Trading conditions are improving for Britain’s music industry, which has struck a positive chord with City investors.
Music publisher EMI is seen as the most likely beneficiary of any pick-up and that was being reflected in the share price today, as it nudged towards a four-year high of 270p with a rise of 1 1/2p to 265 1/4p, after touching 268p.
Broker UBS has raised its 12-month target from 261p to 347p and repeated its buy rating. The broker now believes it has sufficient evidence that the music industry is recovering, leaving its medium-term forecast looking conservative.
It has revised its numbers for revenue growth from 1.9% to almost 3% for recorded music, and from 2.2% to 3.8% for music publishing, during the years from 2006 to 2013.[more @ www.thisislondon.co.uk]