Jefferies Starts Spotify (SPOT) at Buy
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(Updated - April 22, 2021 4:25 PM EDT)
Jefferies analyst Andy Uerkwitz initiates coverage on Spotify (NYSE: SPOT) with a Buy rating and a price target of $360.00.
The analyst commented, "We are initiating Buy on Spotify with a simple premise. Spotify is more platform than streaming service. The subtle differences are platforms have stickier customers, less likely to be disintermediated by new technologies, and longer tail of growth/margin expansion. We believe we are in the early innings of a creator economy where content creation/distribution/marketing has been democratized, in which Spotify will become the primary audio platform for creators."
Shares of Spotify closed at $261.71 yesterday.
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