Spotify stock surges on strong Q2 operating income and gross margin

Spotify (SPOT) shares raised to Buy at Goldman Sachs

Goldman Sachs upgraded Spotify (NYSE: SPOT) from Neutral to Buy, raising the 12-month price target from $320 to $425 in a note to clients Wednesday.

This decision follows Spotify's Q2 2024 earnings report, which the bank said demonstrated strong operating margin and free cash flow momentum anticipated to continue into the second half of 2024 and into 2025.

Goldman Sachs highlighted several key themes driving their upgrade:

Market Leadership:... More

Spotify (SPOT) PT Raised to $399 at Rosenblatt

Rosenblatt analyst Barton Crockett raised the price target on Spotify (NYSE: SPOT) to $399.00 (from $396.00) while maintaining a Buy rating.

The analyst comments " Key Variances -- Revenues of 3,807 million matched guidance, but rose only 21% Y/Y constant currency, versus guidance for 22%. Premium subs grew 7... More

Spotify (SPOT) PT Raised to $420 at Evercore ISI

Evercore ISI analyst Mark Mahaney raised the price target on Spotify (NYSE: SPOT) to $420.00 (from $340.00) while maintaining a Outperform rating.

The analyst comments "Our View: We reiterate our Outperform, materially raise our estimates and our PT from $340 to $420 in the wake of BottomLine Beat & Raise Q2 EPS results. Like Netflix, Spotify is proving that great product innovation and declining competitive intensity can translate... More

Citi Reiterates Neutral Rating on Spotify (SPOT), PT $310

Citi analyst Jason Bazinet reiterated a Neutral rating and $310.00 price target on Spotify (NYSE: SPOT).

The analyst comments "Spotify reported 2Q24 revenue a tad below the Street, while gross margins and operating income exceeded consensus estimates. Premium net adds were modestly above... More

Spotify (SPOT) Tops Q2 EPS by 28c; offers guidance

Spotify (NYSE: SPOT) reported Q2 EPS of EUR1.33, EUR0.28 better than the analyst estimate of EUR1.05. Revenue for the quarter came in at EUR3.81 billion versus the consensus estimate of EUR3.82 billion.

GUIDANCE:

Spotify sees Q3 2024 revenue of EUR4... More