Bank of America maintained a 'Neutral' rating and $35 price objective on Warner Music Group Corp (NASDAQ:WMG), expecting a normalization in market share during its fiscal third quarter after several quarters of stronger-than-usual performance. Shares traded at $29 on Wednesday afternoon, down about 5% so far this year. The bank wrote that WMG continues to see the benefit of PSM escalators and/or recent price increases, but after several quarters of robust market share, there has been some mean reversion toward other labels. Bank of America expects subscription streaming growth could accelerate later in the year, supported by an additional PSM agreement rolling into the fourth fiscal quarter. The analyst highlighted artificial intelligence as a key area of focus, noting that while concerns remain around synthetic content, AI could create new monetization opportunities. The firm pointed to Spotify's recent investor day, where the streaming platform outlined plans for a potential higher-priced AI and "superfan" subscription tier, though Spotify has not yet reached an agreement with WMG. Bank of America maintained its fiscal third-quarter estimates for WMG, forecasting revenue of $1.81 billion and adjusted OIBDA of $417 million, and kept its fiscal 2026 revenue forecast at $7.29 billion and adjusted OIBDA estimate at $1.72 billion.