Phillip Securities downgraded Spotify (SPOT) to Accumulate from Buy with a price target of $485, up from $420, following the Q3 report. The firm cites valuation for the downgrade following the recent share price gains. Spotify continues to be the industry leader in audio streaming with its growing subscriber base, lower cost structure, and pricing power, the analyst tells investors in a research note.
Don't Miss our Black Friday Offers:
- Discover the latest stocks recommended by top Wall Street analysts, all in one place with Analyst Top Stocks
- Make smarter investments with weekly expert stock picks from the Smart Investor Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SPOT:
- Spotify price target raised to $565 from $510 at Pivotal Research
- Closing Bell Movers: Instacart down 6% after earnings
- SPOT Earnings: Spotify Stock Rises 7% on Bullish Forward Guidance
- Spotify Achieves Record Profitability in Q3 2024
- Spotify reports Q3 operating income EUR 454M vs. EUR 32M last year