UBS lowered the firm’s price target on Spotify (SPOT) to $690 from $720 and keeps a Buy rating on the shares. Spotify’s Q1 results are expected to reflect a continuation of mid-teens revenue growth and annual margin expansion, albeit at a slower pace, given new investments, the analyst tells investors in a research note. The company looks well-positioned to benefit from its scale in global distribution and UBS sees a number of catalysts ahead to drive improved monetization and margin upside, the firm adds.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- SPOT, BIRK, RACE: European Stocks Rally as Inflation Falls to 2.2% in March
- Spotify’s Resilient Growth and Expansion Justify Buy Rating Despite Market Volatility
- On Holding co-CEO Marc Maurer to depart
- Roku initiated, Lululemon downgraded: Wall Street’s top analyst calls
- Spotify initiated with a Sector Perform at FBN Securities