Spotify Q1 Preview: Analyst Sees 2024 Shaping Up With Revenue Acceleration, Enhanced Margins
Portfolio Pulse from Surbhi Jain
Ahead of its Q1 earnings release on April 23, Spotify Technology SA (NYSE:SPOT) is viewed positively by JPMorgan analyst Doug Anmuth, who raised his price target from $280 to $320. Anmuth anticipates revenue growth acceleration, margin expansion, and positive cash flow for Spotify in 2024, citing potential from podcasts and strategic initiatives. He also sees room for price increases in select markets and approves of the hiring of CFO Christian Luiga. Spotify's stock has risen 135% over the past year, with a 64% increase YTD.
April 08, 2024 | 4:37 pm
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POSITIVE IMPACT
JPMorgan analyst Doug Anmuth is bullish on Spotify, raising the price target to $320 ahead of Q1 earnings, citing revenue growth, margin expansion, and positive cash flow in 2024.
The positive outlook from a reputable analyst like Doug Anmuth, especially with an increased price target, typically instills confidence in investors, potentially driving the stock price up in the short term. The anticipation of revenue growth, margin expansion, and positive cash flow in 2024, along with strategic initiatives and the hiring of a new CFO, are key factors supporting this bullish stance.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100