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Shares of Spotify Technology SA (NYSE:SPOT) climbed in early trading on Wednesday, after the company reported its second-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways.
- Bank of America analyst Jessica Reif Ehrlich reiterated a Buy rating, while raising the price target from $380 to $430.
- Goldman Sachs analyst Eric Sheridan upgraded the rating from Neutral to Buy, while lifting the price target from $320 to $425.
- JPMorgan analyst Doug Anmuth reiterated an Overweight rating, while raising the price target from $375 to $425.
- Rosenblatt Securities analyst Barton Crockett maintained a Buy rating, while lifting the price target from $396 to $399.
Check out other analyst stock ratings.
BofA Securities: Spotify reported its gross margins, operating income and free cash flows higher than expectations, although revenue was in-line and MAUs below, Reif Ehrlich said in a note. The lower MAUs of 626 million was due to “some deceleration in developing markets, along with advertising which is ramping slower than anticipated,” she added.
“Encouragingly, it does not appear decelerating MAUs are having …
Full story available on Benzinga.com
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