Buy Spotify (SPOT) on Selloff - Monness, Crespi, Hardt
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Monness, Crespi, Hardt analyst Brian J. White reiterated a Buy rating and $380.00 price target on Spotify (NYSE: SPOT) following earnings and the related selloff. White sees the selloff as another attractive buying opportunity.
The analyst commented, "This morning, Spotify reported healthy 1Q:21 results and finetuned its 2021 outlook; however, MAU was a point of concern on this morning’s call. We have found the market often takes issue with a particular data point during a Spotify earnings call and the stock subsequently plummets; however, we believe the fundamental trends continue to move in the right direction. As such, we view today’s selloff as another attractive buying opportunity. We are raising our estimates and maintaining our 12-month price of $380."
Shares of Spotify closed at $292.92 yesterday.
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