UBS analyst John Hodulik lowered the firm’s price target on Spotify (SPOT) to $680 from $690 and keeps a Buy rating on the shares. The firm provided its thoughts on media exposure to a recession and is cutting TV ad estimates, which is “an area we expect to take a hit regardless.” However, the firm added that it expects certain pockets of media to be more resilient, including streaming services with high usage and low ad exposure such as Netflix (NFLX) and Spotify.
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