UMG shares ended the day up nearly 1% on the Amsterdam Stock Exchange. Bloomberg reports that Sony is in negotiations to acquire Queen's catalog for a potential $1 billion, as UBS analysts pointed out this morning.

Following this announcement, UBS confirms its Buy recommendation on the stock, with a target price of E32.5, representing a potential upside of 16%.

' Sony's potential acquisition of Queen's recorded music is a positive development for UMG, given previous press reports that UMG could be the buyer of the rights' says UBS.

Copyright (c) 2024 All rights reserved.