Shares of audio streaming major Spotify (NYSE:SPOT) are in focus today on a slew of analyst actions over the stock.
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Morgan Stanley’s Manan Gosalia has reiterated a Buy rating on Spotify alongside a $170 price target. Wolfe Research’s Zach Morrisey has upgraded the stock to a Buy from a Hold alongside a $190 price target. This points to a nearly 21.2% potential upside in the stock.
While Spotify could face a tepid increase in its subscriber base, Morrisey noted that the company could also witness a sales acceleration coupled with an uptick in margins.
In another development, Spotify is looking to introduce an expensive subscription feature that will also offer high-fidelity audio, according to a Bloomberg report. The company is planning to introduce the “Supremium” tier in markets outside the U.S. first and is looking to expand audiobook access to subscribers as well.
Overall, the Street has a $158.54 consensus price target on Spotify alongside a Moderate Buy consensus rating.
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