KeyBanc lowered the firm’s price target on Spotify (SPOT) to $625 from $675 and keeps an Overweight rating on the shares. The firm’s ad agency checks are deteriorating, with budget growth expectations now landing in the 3%-5% range. While digital ads should generally outpace the market by 2-3 turns, KeyBanc is incrementally cautious that ripple effects on supply chains and consumer spending could pressure margins and EPS across the group.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- Microsoft removed from ‘US 1 List’ at BofA
- Spotify price target lowered to $640 from $730 at JPMorgan
- Spotify reports new programmatic ad partnership with Magnite, Trade Desk
- OpCo sees impact to digital advertising from slower economy as result of tariffs
- Spotify tells advertisers users are not passively scrolling on app, NYT says