Wells Fargo analyst Steven Cahall raised the firm’s price target on Spotify to $310 from $280 and keeps an Overweight rating on the shares following quarterly results. The firm notes that Spotify’s new margin structure is emerging after major efficiency initiatives. Wells’ 2024/2025/2026 OI margins and profits move up significantly, boosting its price target on an unchanged valuation framework.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See today’s best-performing stocks on TipRanks >>
Read More on SPOT:
- Spotify (NYSE:SPOT) Delivers Robust Q4 Performance
- Options Volatility and Implied Earnings Moves Today, February 06, 2024
- Spotify reports Q4 revenue EUR 3.17B vs. EUR 3.67B last year
- YouTube says Vision Pro app is ‘on the roadmap,’ The Verge reports
- Warner Music price target raised to $42 from $40 at Morgan Stanley