Spotify downgraded to Reduce from Neutral at Phillip Securities

Phillip Securities downgraded Spotify (SPOT) to Reduce from Neutral with an unchanged price target of $600. The firm cites the recent share price strength for the downgrade. Spotify continues to be the industry leader in audio streaming with its growing subscriber base, lower cost structure, and pricing power, the analyst tells investors in a research note. However, Phillip does not see much upside due to Spotify’s “full valuations.”