Goldman Sachs upgraded Spotify to Buy from Neutral with a price target of $425, up from $320, after the company reported “overall solid” Q2 results. The firm said that Spotify is the clear global audio platform leader, which it expects to translate into compounded user growth, rising engagement, and pricing power, and the the company is continuing to show gross and operating margin momentum. Goldman added that, with compounding free cash flow, it sees potential for elevated shareholder returns via buybacks.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% 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 Announces Standout Q2 Earnings with Impressive Growth
- Spotify Posts Strong Growth and Record Profits in Q2
- Options Volatility and Implied Earnings Moves This Week, July 22 – July 26, 2024
- Is SPOT a Buy, Before Earnings?
- Jefferies Selects 2 Promising Music Stocks — Here’s Why They May Be Worth Buying