Spotify Technology Rallies After Earnings: ‘Ample Capacity For Capital Returns’
0
0
Shares of Spotify Technology SA (NYSE:SPOT) were climbing Wednesday after the company reported upbeat third-quarter earnings.
Here are some key analyst takeaways.
- Macquarie Equity Research analyst Tim Nollen maintained an Outperform, while raising the price target higher from $395 to $500.
- Goldman Sachs analyst Eric Sheridan reiterated a Buy, while lifting the price target from $430 to $490.
- Bank of America Securities analyst Jessica Reif Ehrlich reaffirmed a Buy rating, while raising the price target from $430 to $515.
Check out other analyst stock ratings.
Macquarie Equity Research: Spotify Technology’s quarterly revenue grew by 19% but marginally missed expectations, Nollen said in a note. Premium subscribers of 252 million and MAUs (monthly active users) of 640 million were both ahead, he added.
The company’s gross margins expanded to 31.1%, from 26.3% in the year-ago quarter, driven by “improved podcasting profitability, Marketplace strength, and shifting product mix to audiobooks vs music,” the analyst stated. …
Full story available on Benzinga.com
Visited 1 times, 1 visit(s) today