What’s Going On With Spotify Stock Today? – Spotify Technology (NYSE:SPOT)

Spotify Technology SA SPOT shares are trading higher Monday following a pair of analyst upgrades from Wells Fargo and Atlantic Equities.

  • Atlantic Equities analyst Hamilton Faber upgraded Spotify from Neutral to Overweight and announced a $160 price target.
  • Wells Fargo analyst Steven Cahall upgraded Spotify from Equal-Weight to Overweight and raised the price target from $121 to $180.

The Spotify Analyst Take: In a new note to clients, the Wells Fargo analyst said Spotify’s commitment to margin improvement is “picking up pace.”

“While commentary suggests the management focus on margin is greater by the year, there could always be a pause for new investments. If margins don’t show steady improvement, we expect SPOT’s valuation to suffer,” Cahall said.

The analyst said Wells Fargo used customer lifetime value as the basis of its $180 price target. Risks to the firm’s target include increasing competition from Apple, Google and Amazon, as well as the potential for music labels to increase royalties.

From Last Week: Spotify’s Profitability Likely To Breakeven Driven By Subscription Pricing Power And Expense Discipline, Analysts Say

SPOT Price Action: Spotify has a 52-week high of $177.60 and a 52-week low of $69.29.

The stock was up 1.39% at $122.85 at the time of writing, according to Benzinga Pro.

Photo: tomasi from Pixabay.

Source link

Tags: No tags

Leave A Comment

Your email address will not be published. Required fields are marked *