Nomura Lowers Spotify (SPOT) Price Target to $190.00

Spotify (NASDAQ:SPOT) had its price objective decreased by Nomura from $210.00 to $190.00 in a report issued on Friday morning, The Fly reports. Nomura currently has a buy rating on the stock.

A number of other equities research analysts also recently weighed in on SPOT. Oppenheimer initiated coverage on Spotify in a research report on Tuesday, July 10th. They set a market perform rating on the stock. Buckingham Research raised their price target on Spotify from $195.00 to $201.00 and gave the company a buy rating in a research report on Friday, July 20th. BTIG Research initiated coverage on Spotify in a research report on Monday, July 23rd. They set a buy rating and a $230.00 price target on the stock. Pivotal Research downgraded Spotify from a buy rating to a hold rating and set a $200.00 price target on the stock. in a research report on Wednesday, July 25th. Finally, Deutsche Bank raised their price target on Spotify to $170.00 and gave the company a hold rating in a research report on Wednesday, July 25th. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating, twenty-five have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $198.96.

NASDAQ SPOT opened at $143.60 on Friday. Spotify has a twelve month low of $131.01 and a twelve month high of $198.99.

Spotify (NASDAQ:SPOT) last released its quarterly earnings results on Thursday, November 1st. The company reported $0.23 earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.74. The firm had revenue of $1.35 billion for 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.

Several large investors have recently made changes to their positions in SPOT. Bank of New York Mellon Corp bought a new stake in shares of Spotify in the second quarter worth about $6,459,000. AMP Capital Investors Ltd bought a new stake in shares of Spotify in the second quarter worth about $3,391,000. Tower Research Capital LLC TRC bought a new stake in shares of Spotify in the second quarter worth about $238,000. Stephens Investment Management Group LLC bought a new stake in shares of Spotify in the second quarter worth about $2,323,000. Finally, Janus Henderson Group PLC bought a new stake in shares of Spotify in the second quarter worth about $51,894,000.

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.

Further Reading: Initial Public Offering (IPO)

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