UPDATE: Citi Upgrades Spotify (SPOT) to Buy
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(Updated - January 31, 2022 5:41 AM EST)
Citi analyst Jason B Bazinet upgraded Spotify (NYSE: SPOT) from Neutral to Buy with a price target of $240.00.
The analyst comments "SPOT has been more resilient than other subscription firms. SPOT now demands the highest relative market multiplier at 1.2x, suggesting limited subscriber growth and improving unit economics. We believe the recent sell-off and improving ad-supported monetization may provide an attractive entry point. That said, we remain cognizant that paid sub growth may slow as the firm approaches steady-state subs due, in part, to relatively high churn (of just under 4% per month). Tactically, we view the risk-reward as favorable, and we upgrade to Buy."
Shares of Spotify closed at $172.98 yesterday.
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