Oppenheimer lowered the firm’s price target on Spotify (SPOT) to $750 from $825 and keeps an Outperform rating on the shares. The firm cites reduced near-term outlook, but says it remains bullish on long-term fundamentals. Consistent with its upgrade last summer, Oppenheimer thinks Spotify has the largest user runway in large-cap Internet and significant pricing power.
Claim 70% Off TipRanks Premium
- Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions
- Stay ahead of the market with the latest news and analysis and maximize your portfolio's potential
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- Spotify price target lowered to $650 from $830 at Bernstein
- Morning News Wrap-Up: Tuesday’s Biggest Stock Market Stories!
- Spotify price target lowered to $710 from $750 at Wells Fargo
- Spotify Stock Slumps as New CEOs Fight to Save Spotify Users from Boredom
- Spotify price target lowered to $800 from $850 at UBS