Barclays lowered the firm’s price target on Spotify (SPOT) to $600 from $650 and keeps an Overweight rating on the shares. The firm adjusted targets in the media group as part of a Q1 earnings preview. There are “idiosyncratic and cyclical risks abound” for the sector, which may keep investors “positioned defensively in high visibility names despite valuation,” the analyst tells investors in a research note.
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