As previously reported, Wolfe Research analyst Devin Brisco downgraded Spotify (SPOT) to Peer Perform from Outperform and removed the firm’s prior $560 price target Spotify offers a highly durable growth story with an improving ROIC profile and “plenty of optionality,” while the stock’s valuation “looks reasonable,” the analyst tells investors. However, revenue forecasts “look full” following price hikes, marketing cuts and developed markets beginning to saturate, the analyst added.
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