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Evercore ISI Thinks Spotify Technology SA’s Stock is Going to Recover

Evercore ISI analyst Mark Mahaney maintained a Buy rating on Spotify Technology SA (SPOTResearch Report) on July 27 and set a price target of $230.00. The company’s shares closed last Thursday at $114.59, close to its 52-week low of $89.03.

According to TipRanks.com, Mahaney is a top 100 analyst with an average return of 30.0% and a 51.2% success rate. Mahaney covers the Technology sector, focusing on stocks such as Zillow Group Class A, Integral Ad Science, and Nextdoor Holdings.

Currently, the analyst consensus on Spotify Technology SA is a Moderate Buy with an average price target of $139.78, a 21.0% upside from current levels. In a report issued on July 18, Monness also maintained a Buy rating on the stock with a $150.00 price target.

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Spotify Technology SA’s market cap is currently $22.14B and has a P/E ratio of 274.47.

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Founded in 2006, Luxembourg-based Spotify Technology SA is the world’s most popular audio streaming subscription service. It serves a community of over 320 million users across 92 markets. The company generates revenue from Premium and Ad-Supported segments. The Premium segment provides subscribers with unlimited online and offline high-quality streaming access to music and podcasts. It also offers a music listening experience without commercial breaks. The Ad-Supported segment provides on-demand online access to its catalog of music and unlimited online access to the catalog of podcasts to its subscribers with no subscription fees. The company also provides sales, marketing, contract research and development, and customer support services.

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