Spotify's Mobile App Momentum and Margin Focus To Surge in Q3, Analyst Says
Portfolio Pulse from Anusuya Lahiri
Truist analyst Matthew Thornton has reiterated a Buy rating on Spotify Technology S.A. (NYSE:SPOT) with a price target of $176. The rating is based on the continued momentum of mobile app downloads and focus on margins/monetization. Thornton projects Q3 revenue of €3.34 billion vs. consensus of €3.32 billion, and Q4 revenue of €3.65 billion vs. consensus of €3.69 billion. SPOT shares traded higher by 1.96% at $156.57 on the last check Monday.
October 02, 2023 | 6:22 pm
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POSITIVE IMPACT
Spotify's stock is expected to perform well in the short term due to the positive outlook from Truist analyst Matthew Thornton. The analyst's Buy rating and price target of $176 indicate confidence in the company's growth and margin focus.
The analyst's positive outlook is based on Spotify's continued mobile app download momentum and focus on margins/monetization. This, coupled with the company's projected Q3 and Q4 revenues, indicates a strong performance in the short term. The stock's recent trading higher by 1.96% also supports this positive outlook.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100