Wolfe Research analyst Zach Morrisey upgraded Spotify to Outperform from Peer Perform with a $190 price target. The analyst assumed coverage, citing three points to the firm’s rating change: a path for top-line acceleration; steady margin expansion; and potential for sustained upside revisions to Street estimates over the next roughly 12 months. Risks to the Outperform rating include Spotify’s lack of valuation support and potential slowdown in subs growth, the analyst tells investors in a research note.
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
See Insiders’ Hot Stocks on TipRanks >>
Read More on SPOT:
- Spotify Scores Key Analyst Upgrade with New Subscription Tier On the Anvil
- Spotify call volume above normal and directionally bullish
- Spotify Plans to Boost Topline with a New & Expensive Subscription Tier
- Spotify plans new ‘Supremium’ pricing tier with HiFi audio, Bloomberg says
- AI crushed music label stocks, but won’t kill them, Barron’s says