![]() Spotify stock is up 0.5% in Wednesday trading to $113. He thinks it’s worth 2.1 times expected 2020 revenue, which comes out to $120. Russo values Spotify, which hasn’t yet earned an annual profit, based on its revenue. Russo’s note comes after Evercore’s Kevin Rippey expressed similar sentiments, writing that the stock could see a “sudden relief rally” when Spotify reports earnings several weeks from now and upgrading it to In-Line from Underperform. Did Spotify lost 4 billion This week, Spotify’s stock dropped 4 billion in value when rock legend Neil Young chastised the business for letting comedian Joe Rogan to use its platform to propagate falsehoods about the COVID vaccination on his famous podcast, The Joe Rogan Experience. “Our forecast and longer-term thesis remain unchanged, and we continue to believe Spotify will be challenged to meet street expectations for subscriber/revenue growth given a reliance on both penetrating older consumers in developed markets and lower-value consumers in emerging markets,” Russo wrote. ![]() But that doesn’t mean he’s excited about the company’s prospects. Now, bearish analysts are starting to grow slightly more bullish on the stock-not because they see big gains ahead, but because they think the stock has fallen far enough and could tick higher, or at least stand its ground, in the weeks ahead.Ĭredit Suisse analyst Brian Russo upgraded Spotify to Neutral from Underperform because the negative expectations appear to be fully priced into the stock. ![]()
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