Spotify reports record quarterly earnings, shares jump 14% in premarket trade
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Spotify (SPOT) shares raised to Buy at Goldman Sachs
July 24, 2024 11:03 AM EDTGoldman Sachs upgraded Spotify (NYSE: SPOT) from Neutral to Buy, raising the 12-month price target from $320 to $425 in a note to clients Wednesday.
This decision follows Spotify's Q2 2024 earnings report, which the bank said demonstrated strong operating margin and free cash flow momentum anticipated to continue into the second half of 2024 and into 2025.
Goldman Sachs highlighted several key themes driving their upgrade:
Market Leadership:... More
Spotify (SPOT) PT Raised to $399 at Rosenblatt
July 24, 2024 6:37 AM EDTRosenblatt analyst Barton Crockett raised the price target on Spotify (NYSE: SPOT) to $399.00 (from $396.00) while maintaining a Buy rating.
The analyst comments " Key Variances -- Revenues of 3,807 million matched guidance, but rose only 21% Y/Y constant currency, versus guidance for 22%. Premium subs grew 7... More
Spotify (SPOT) PT Raised to $420 at Evercore ISI
July 23, 2024 2:13 PM EDTEvercore ISI analyst Mark Mahaney raised the price target on Spotify (NYSE: SPOT) to $420.00 (from $340.00) while maintaining a Outperform rating.
The analyst comments "Our View: We reiterate our Outperform, materially raise our estimates and our PT from $340 to $420 in the wake of BottomLine Beat & Raise Q2 EPS results. Like Netflix, Spotify is proving that great product innovation and declining competitive intensity can translate... More
Citi Reiterates Neutral Rating on Spotify (SPOT), PT $310
July 23, 2024 7:29 AM EDTCiti analyst Jason Bazinet reiterated a Neutral rating and $310.00 price target on Spotify (NYSE: SPOT).
The analyst comments "Spotify reported 2Q24 revenue a tad below the Street, while gross margins and operating income exceeded consensus estimates. Premium net adds were modestly above... More
