Canaccord raised the firm’s price target on Spotify to $370 from $330 and keeps a Buy rating on the shares. The firm said Spotify reported generally solid Q1 results, with Premium subscribers in line with guidance while MAUs were slightly below expectations, although this was largely attributable to some disruptions stemming from workforce reductions as well as a pullback in marketing spend.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- SPOT Earnings: Spotify Soars with €1 Billion in Gross Profits
- Options Volatility and Implied Earnings Moves Today, April 23, 2024
- Spotify Reports Soaring Revenue and Profitability
- Spotify reports Q1 gross margin 27.6% vs. 25.2% last year
- Spotify reports Q1 premium subscribers 239M vs. 210M last year