Spotify (SPOT) Price Target Cut to $135.00 by Analysts at Deutsche Bank

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Spotify (NASDAQ:SPOT) had its target price cut by Deutsche Bank from $152.00 to $135.00 in a research report sent to investors on Monday. They currently have a hold rating on the stock.

Several other equities research analysts also recently issued reports on the stock. Guggenheim downgraded shares of Spotify from a buy rating to a neutral rating and decreased their price objective for the stock from $190.00 to $120.00 in a research note on Monday. B. Riley reiterated a neutral rating and set a $132.00 price objective (down from $200.00) on shares of Spotify in a research note on Friday, December 21st. Zacks Investment Research downgraded shares of Spotify from a buy rating to a hold rating in a research note on Wednesday, November 7th. Wells Fargo & Co decreased their price objective on shares of Spotify from $180.00 to $150.00 and set a market perform rating for the company in a research note on Monday, November 5th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Spotify from $225.00 to $200.00 and set an overweight rating for the company in a research note on Friday, November 2nd. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating, twenty-three have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $192.07.

Spotify stock opened at $123.93 on Monday. Spotify has a 1 year low of $103.29 and a 1 year high of $198.99.

Spotify (NASDAQ:SPOT) last released its earnings results on Thursday, November 1st. The company reported $0.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.51) by $0.74. The company had revenue of $1.35 billion during the quarter, compared to analysts’ expectations of $1.34 billion. The business’s revenue for the quarter was up 31.0% compared to the same quarter last year.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Bank of New York Mellon Corp acquired a new stake in Spotify in the second quarter valued at $6,459,000. AMP Capital Investors Ltd acquired a new stake in shares of Spotify during the second quarter worth $3,391,000. Tower Research Capital LLC TRC acquired a new stake in shares of Spotify during the second quarter worth $238,000. Marshall Wace North America L.P. raised its holdings in shares of Spotify by 120.5% during the third quarter. Marshall Wace North America L.P. now owns 36,143 shares of the company’s stock worth $6,536,000 after purchasing an additional 19,749 shares during the period. Finally, Addison Capital Co acquired a new stake in shares of Spotify during the third quarter worth $364,000.

About Spotify

Spotify Technology SA is an innovative digital music service offering music fans instant access to a world of music. The company enables on-demand streaming of audio content and aim to combat music piracy by offering a user experience, while monetizing licensed content with both an ad-supported, free-to-the-user model and a premium, paid model.

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Analyst Recommendations for Spotify (NASDAQ:SPOT)

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