UPDATE: Citi Upgrades Spotify (SPOT) to Neutral
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Citi analyst Jason Bazinet upgraded Spotify (NYSE: SPOT) from Sell to Neutral with a price target of $310.00.
The analyst comments "We downgraded Spotify earlier this year because we didn’t see material benefits from the firm’s nascent podcast pivot. The stock has retrenched a bit recently. And, we now have Sensor Tower app download data for 1Q21. The app downloads did retrench in 1Q21. But, in the same breath, if the historical relationship between app downloads and Premium net adds holds, it suggests Spotify will likely add 3 million to 6 million Premium net adds in 1Q21. Recall, the firm’s guidance calls for flattish to 3 million premium net adds in 1Q21. As such, we see little risk to near-term net adds (and perhaps a small beat). As such, we upgrade from Sell to Neutral."
Shares of Spotify closed at $273.10 yesterday.
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