Max Haycock, an analyst at Stifel’s London division, recently downgraded the rating of Hipgnosis (traded as SONG on the London Stock Exchange) to “neutral,” specifying first that he and his team “feel uncomfortable with Hipgnosis’ valuation procedure” – particularly because the music industry is “opaque.”
Source: Hipgnosis Downgraded by Stifel Analyst Due to Valuation Methodologies