UPDATE: Citi Upgrades Spotify (SPOT) to Buy

January 31, 2022 4:59 AM EST
Get Alerts SPOT Hot Sheet
Price: $122.60 -0.83%

Rating Summary:
    22 Buy, 17 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 7 | Down: 30 | New: 13
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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."

For an analyst ratings summary and ratings history on Spotify click here. For more ratings news on Spotify click here.

Shares of Spotify closed at $172.98 yesterday.

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