J.P. Morgan Thinks Spotify Technology SA’s Stock is Going to Recover

J.P. Morgan analyst Doug Anmuth maintained a Buy rating on Spotify Technology SA (SPOTResearch Report) yesterday and set a price target of $155.00. The company’s shares closed last Thursday at $114.59, close to its 52-week low of $89.03.

According to TipRanks.com, Anmuth is a 5-star analyst with an average return of 16.7% and a 57.8% success rate. Anmuth covers the Technology sector, focusing on stocks such as Fiverr International, Alphabet Class C, and Alphabet Class A.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spotify Technology SA with a $140.33 average price target, a 21.5% 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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The company has a one-year high of $305.60 and a one-year low of $89.03. Currently, Spotify Technology SA has an average volume of 2.35M.

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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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