Citizens analyst Matthew Condon initiated coverage of Spotify (SPOT) with an Outperform rating and $800 price target The company’s “multi-vertical” audio platform is positioned to drive sustained, compounding engagement, revenue, and free cash flow, the analyst tells investors in a research note. The firm says Spotify has built a “best-in-class, multi-format audio experience” through product innovation, personalization, and ubiquity. This will support durable user growth and “underappreciated” pricing power, contends Citizens.
Claim 50% Off TipRanks Premium and Invest with Confidence
- Unlock hedge-fund level data and powerful investing tools designed to help you make smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis so your portfolio is always positioned for maximum potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- Meta Platforms’ (META) AI Glasses Add Spotify Music and Podcasts
- Spotify partners with NAVER to bring new integrations to listeners
- USTR says will use ‘every tool’ to counter EU digital tax
- GM Revamps In-Car Entertainment, Adds Apple Music Directly to Cadillac and Chevrolet
- JPMorgan Internet analyst holds analyst/industry conference call