Analyst Maria Ripps of Canaccord Genuity maintained a Buy rating on Spotify (SPOT – Research Report), retaining the price target of $700.00.
Maria Ripps has given her Buy rating due to a combination of factors that highlight Spotify’s strong performance and strategic positioning. The company reported robust first-quarter results, with Premium subscriber numbers exceeding expectations and overall revenue aligning with forecasts. Despite some currency-related challenges, Spotify’s underlying business remains solid, driven by subscriber growth, successful price increases, and a modest uptick in advertising revenue, which benefited from new automation tools.
Moreover, Spotify’s continued development of its advertising technology stack and its expansion into video content are seen as positive steps towards future growth. The company has successfully integrated various ad tech solutions, attracting a growing number of advertisers. Additionally, Spotify’s strategic initiatives, such as the expansion of its Partner Program for podcast creators, demonstrate its commitment to enhancing engagement and monetization opportunities. These factors, combined with a solid outlook for the second quarter, underpin Maria Ripps’s confidence in the stock’s potential for long-term growth.
According to TipRanks, Ripps is a 5-star analyst with an average return of 17.2% and a 42.44% success rate. Ripps covers the Communication Services sector, focusing on stocks such as Alphabet Class A, Snap, and Spotify.
In another report released today, Barclays also maintained a Buy rating on the stock with a $650.00 price target.