From Nasdaq:

Warner Music Group Corp. (WMG) upgraded to a Zacks Rank #2 (Buy) due to an upward trend in earnings estimates. The Zacks rating system tracks a company’s changing earnings picture and relies solely on EPS estimates for the current and following years to inform its ratings.

Analysts have been steadily raising earnings estimates for Warner Music Group Corp. The Zacks Consensus Estimate has increased 6.2%. This positions the stock in the top 20% of Zacks-covered stocks, suggesting a possible near-term increase in stock price.

The Zacks Rank stock-rating system, which categorizes stocks into five groups, has a historically strong record. Specifically for Warner Music Group Corp., analysts expect the company to earn $1.30 per share for the fiscal year ending September 2024, a change of 23.8% from the prior year.

Using the Zacks Rank system can be rewarding as it is based on earnings estimate revisions. This is of significant benefit given that only the top 5% of Zacks-covered stocks get a ‘Strong Buy’ rating, and the next 15% get a ‘Buy’ rating. This superior earnings estimate revision feature suggests a solid candidate for producing market-beating returns in the near term.



Read more: Warner Music Group Corp. (WMG) Upgraded to Buy: Here’s Why