Spotify (SPOT) Raised to “Buy” at UBS Group

UBS Group upgraded shares of Spotify (NASDAQ:SPOT) from a neutral rating to a buy rating in a research report sent to investors on Monday, The Fly reports.

A number of other research analysts have also commented on SPOT. Macquarie started coverage on Spotify in a report on Thursday, June 21st. They set an outperform rating and a $225.00 price target on the stock. Barclays started coverage on Spotify in a report on Tuesday, June 26th. They set an overweight rating and a $210.00 price target on the stock. Nordea Equity Research started coverage on Spotify in a report on Wednesday, June 27th. They set a buy rating on the stock. Oppenheimer started coverage on Spotify in a report on Tuesday, July 10th. They set a market perform rating on the stock. Finally, Nomura started coverage on Spotify in a report on Tuesday, July 10th. They set a buy rating and a $210.00 price target on the stock. Two analysts have rated the stock with a sell rating, six have assigned a hold rating, twenty-three have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Spotify currently has an average rating of Buy and a consensus target price of $206.58.

Shares of NASDAQ SPOT opened at $152.49 on Monday. Spotify has a 1-year low of $135.51 and a 1-year high of $198.99.

Spotify (NASDAQ:SPOT) last issued its earnings results on Thursday, July 26th. The company reported ($2.20) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.63) by ($1.57). The business had revenue of $1.27 billion during the quarter, compared to analysts’ expectations of $1.27 billion. The company’s revenue for the quarter was up 26.4% compared to the same quarter last year.

A number of hedge funds have recently made changes to their positions in the stock. Archford Capital Strategies LLC bought a new position in Spotify during the second quarter valued at about $103,000. Financial Architects Inc bought a new position in Spotify during the second quarter valued at about $154,000. Parallel Advisors LLC bought a new position in Spotify during the second quarter valued at about $171,000. Benjamin F. Edwards & Company Inc. bought a new position in Spotify during the second quarter valued at about $195,000. Finally, Thompson Davis & CO. Inc. bought a new position in Spotify during the second quarter valued at about $202,000.

Spotify Company Profile

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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