Spotify shares are trading lower after Redburn Atlantic downgraded the stock from Buy to Neutral and lowered its price target from $170 to $160.
Portfolio Pulse from Bill Haddad
Spotify's shares are trading lower following a downgrade from Redburn Atlantic, which changed its rating from Buy to Neutral and reduced its price target from $170 to $160.
October 09, 2023 | 4:56 pm
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Spotify's stock is trading lower after Redburn Atlantic downgraded the stock from Buy to Neutral and lowered its price target from $170 to $160.
The downgrade by Redburn Atlantic from Buy to Neutral indicates a less optimistic outlook for Spotify's stock. Additionally, the lowering of the price target from $170 to $160 suggests that Redburn Atlantic believes the stock is overvalued at its current price. This news is likely to negatively impact investor sentiment and could lead to a short-term decrease in Spotify's stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100