Benchmark analyst Mark Zgutowicz raised the firm’s price target on Spotify (SPOT) to $520 from $440 and keeps a Buy rating on the shares. Q3 results and guidance “showcased a premium subscription business firing on all cylinders,” while Spotify’s ads business “remains caught in a brand spending melee,” the analyst tells investors in a post-earnings note. Q4 total gross margin guidance of 31.8% suggests flow thru and perhaps a bit more of the Q3 premium leverage, the analyst added.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 55% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- Spotify price target raised to $416 from $356 at TD Cowen
- ValueAct’s $1B Stake in Meta Platforms is a Constructive Not Activist Bet
- Spotify price target raised to $530 from $425 at JPMorgan
- Spotify price target raised to $460 from $430 at Morgan Stanley
- Spotify price target raised to $520 from $490 at KeyBanc