Spotify: BofA still a buyer, raises TP
(CercleFinance.com) - On Wednesday Bank of America reiterated its buy rating on Spotify shares, while raising its target price for them from $185 to $203 (cp about $162, -5.
2%) after the Swedish online music giant's Q3 results.
In a reaction note, the analyst believes that there are "many positive elements" to retain from the publication.
He also notes that the share price climbed 10% yesterday in the wake of these "solid" figures, but also in the wake of comments from the management team referring to an "inflection point" in the accounts, which are now expected to be in the black over the long term.
The broker also points to the prospect of improved profit margins, increased FCF and the implementation of future price increases.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
2%) after the Swedish online music giant's Q3 results.
In a reaction note, the analyst believes that there are "many positive elements" to retain from the publication.
He also notes that the share price climbed 10% yesterday in the wake of these "solid" figures, but also in the wake of comments from the management team referring to an "inflection point" in the accounts, which are now expected to be in the black over the long term.
The broker also points to the prospect of improved profit margins, increased FCF and the implementation of future price increases.
Copyright (c) 2023 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.