These Analysts Increase Their Forecasts On Spotify After Q2 Results
Portfolio Pulse from Lisa Levin
Spotify Technology SA (NYSE:SPOT) reported a Q2 loss, with revenue growth of 11% YoY to $3.46 billion, missing the consensus of $3.57 billion. The company expects Q3 revenue of $3.78 billion. Following the earnings announcement, several analysts adjusted their price targets on Spotify. Goldman Sachs raised the price target from $156 to $163, Barclays from $180 to $182, Rosenblatt from $141 to $150, and Deutsche Bank upgraded Spotify from Hold to Buy with a $180 price target.
July 26, 2023 | 11:29 am
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Spotify's Q2 results missed consensus, leading to a drop in share price. However, several analysts have raised their price targets or upgraded the stock, which could potentially boost investor confidence.
Spotify's Q2 results were below expectations, which led to a drop in its share price. However, the subsequent upgrades and raised price targets by analysts could potentially offset the negative impact and boost investor confidence in the short term. The overall impact is neutral as the negative and positive factors could balance each other out.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100