UPDATE: Evercore ISI Upgrades Spotify (SPOT) to In Line

(Updated - October 1, 2019 6:49 AM EDT)

(updated to add PT and expand comments)

Evercore ISI analyst Kevin Rippey upgraded Spotify (NYSE: SPOT) from Underperform to In Line, price target $110.00.

• Says risk/reward is increasingly balanced.

The analyst comments "Our bearish view of Spotify and June downgrade had been grounded in the notion that when the stock was trading at ~$150, the market was taking an overly optimistic view of the company’s ability to drive gross margin improvement. While we still contend that the path to substantial gross margin expansion for SPOT is unclear, with the stock down >30% from recent highs, the opportunity related to shorting SPOT has diminished."

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 $116.52 yesterday.

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