These Analysts Increase Their Forecasts On Spotify After Q4 Results
Portfolio Pulse from Avi Kapoor
Spotify Technology SA (NYSE:SPOT) reported a 16% year-on-year increase in Q4 FY23 revenue to €3.67 billion, missing consensus estimates. The company saw a loss per share of €(0.36), with total MAUs growing 23% to 602 million. Analysts from JP Morgan, Rosenblatt, and DZ Bank adjusted their price targets on Spotify following the earnings report, with JP Morgan and Rosenblatt increasing their targets and DZ Bank upgrading the stock from Sell to Hold.
February 07, 2024 | 12:50 pm
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Spotify reported a 16% Y/Y revenue increase in Q4 FY23 but missed consensus estimates. Analysts adjusted their price targets, indicating a positive outlook despite the earnings miss.
Despite missing revenue and EPS consensus estimates, the increase in MAUs and positive adjustments in analyst price targets suggest a bullish outlook for Spotify. The stock's price increase post-earnings indicates market confidence.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100