Spotify's Steady Stream Of Subscribers And FX Tailwinds: Analyst Sees Upside Risk For 2Q-3Q Expectations
Portfolio Pulse from Nabaparna Bhattacharya
Truist Securities analyst Matthew Thornton has reiterated a Buy rating on Spotify Technology SA (NYSE:SPOT), raising the price target to $170 from $154. The company is expected to post its Q2 2023 financial results on July 25, 2023. The analyst expects 530 million monthly active users for the quarter, up from 515 million in Q1 2023. The analyst also expects FX to be a modest tailwind to revenue due to the weakness of the EUR versus other currencies. The analyst views 2Q-3Q expectations as very reasonable and sees the risk as being to the upside.
June 27, 2023 | 6:58 pm
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POSITIVE IMPACT
Spotify's stock is expected to benefit from a raised price target, increased monthly active users, and potential FX tailwinds. The company's focus on cost/margin and the prospect of a price increase later in the year could also positively impact the stock.
The raised price target and increased monthly active users indicate a positive outlook for Spotify. Additionally, the potential FX tailwinds and the company's focus on cost/margin could lead to increased revenues, which would likely positively impact the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100