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Spotify Technology SA (SPOT) Received its Third Buy in a Row

After Bank of America Securities and Evercore ISI gave Spotify Technology SA (NYSE: SPOT) a Buy rating last month, the company received another Buy, this time from Jefferies. Analyst Andrew Uerkwitz maintained a Buy rating on Spotify Technology SA yesterday and set a price target of $140.00. The company’s shares closed last Wednesday at $120.46, close to its 52-week low of $89.03.

According to TipRanks.com, Uerkwitz is a top 100 analyst with an average return of 24.6% and a 59.6% success rate. Uerkwitz covers the Technology sector, focusing on stocks such as Unity Software, ironSource, and Outbrain.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Spotify Technology SA with a $140.25 average price target, a 19.3% upside from current levels. In a report issued on July 25, Morgan Stanley also maintained a Buy rating on the stock with a $140.00 price target.

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Based on Spotify Technology SA’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $2.66 billion and net profit of $131 million. In comparison, last year the company earned revenue of $2.33 billion and had a GAAP net loss of $20 million.

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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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