Morning Summary - Jul 07 2026

Research evidence excerpt

Morning Summary - Jul 07 2026

July 7, 2026

RESEARCH AND MARKET COMMENTARY

ACTION ESTIMATE CHANGES

Current Price Current Next Current Next

Topic Rating Rating Target Metric Quarter Quarter FY FY Main Topic

ARQT — — Revenue ($M) — — — — Company Update

WMG — — EPS ($) Estimate Changes

Global Biopharmaceuticals: Biopharma: Kicking Off 2H 2026 With a Bang With Atacicept's PDUFA on Tuesday, But Multiple

Other Near-Term Catalysts Coming Up Across Our Coverage

Media, Internet & Communications Daily: MIC Ride Home: Netflix Seeing Viewership Declines Post Season One - Rpt; Fox

Sports Exec Talks World Cup Ratings Momentum; Spotify Podcast Ads Now Available via Amazon DSP

Global Biopharmaceuticals: Global Biopharma: This Week's IQVIA Rx Tracker (Week Ending June 26, 2026)

Healthcare Providers & Services: 2027 HIX Rate Requests, 2027 Proposed OPPS/ASC Rule, M4A/Progressive HC Headlines -

Mon. 7/6 HeartBeats

Media, Internet & Communications Daily: Daily MIC: Nielsen Preps Rollout of New Co-Viewing Measurement Methodology;

Obsession Continues To Shine in Mixed Summer Box Office; Fubo Raises Prices Following NBCU Carriage Deal

ESTIMATE CHANGES

WARNER MUSIC GROUP CORP. Buy

WMG - BUY - Subscription Catalyst Path Remains Attractive;

Refining FX Assumptions WMG $27.40 Price$36.00TargetMichael Morris, CFA

804 253 8025, michael.morris@guggenheimpartners.com

Current Q Next Q Current FY Next FY

Taylor Manley

804 253 1336, taylor.manley@guggenheimpartners.com $0.36 $0.39 $1.44 $1.75

CLICK HERE TO ACCESS THIS REPORT Market Cap (M) Metric Mult Curr Yr. Mult Next Yr.

Published on July 7, 2026 $14,292 EPS ($) - -

Key Message: We remain BUY rated on Warner Music shares with a $36 price target, supported by core subscription revenue strength and our expectation