These Analysts Boost Their Forecasts On Spotify After Q3 Earnings
Portfolio Pulse from Lisa Levin
Spotify Technology SA (NYSE:SPOT) reported a Q3 profit, with revenue growth of 11% YoY to $3.65 billion, beating the consensus of $3.34 billion. EPS of $0.36 also beat the consensus loss of $(0.22). However, shares fell 5.5% to trade at $161.28. Several analysts, including Raymond James, Keybanc, Morgan Stanley, Benchmark, Barclays, and Truist Securities, raised their price targets on Spotify following the earnings announcement.
October 25, 2023 | 6:32 pm
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Spotify's Q3 earnings beat expectations, but shares fell. Several analysts raised their price targets on the stock.
Despite Spotify's strong Q3 earnings, the stock price fell, indicating a potential disconnect between the company's performance and market sentiment. However, the raised price targets by several analysts could signal a positive outlook, potentially leading to a rebound in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100