Similarly, Moore downgraded ON Semiconductor to Underweight from Equal-Weight and cut his price target to $65 from $70, adding that there is "limited room" for multiple expansion. Competitive environment for music streamers worries Redburn; Jefferies has a different view Competitive environment for the music streaming industry and structural challenges made analysts at Redburn Atlantic downgrade both Spotify ( SPOT ) and Warner Music Group's ( WMG ) to Sell. The equity research firm also mentioned Universal Music Group ( OTCPK:UMGNF ), saying that the company is "most exposed" to industry risks.