Spotify Technology SA (NYSE:SPOT) will deliver one of its first earnings reports as a public company next week, and Wall Street analysts are looking for impressive results.
Investor’s Business Daily has the details on the latest couple of upgrades of SPOT:
Buckingham Research on Friday reiterated its buy rating on Spotify stock and raised its price target to 201 from 195. Raymond James kept its strong buy rating on Spotify and upped its price target to 210 from 190.
Raymond James analyst Justin Patterson is bullish on streaming music in general. On Friday, he also raised his price target on Pandora Media (P) to 11 from 9 and stuck with his strong buy rating.
Patterson noted that “The streaming music industry is still in the early innings of global adoption. We continue to view the industry as being driven by 1) expansion into new territories, 2) share gains within market, and 3) proliferation of connected speakers and cars (e.g. new engagement channels).”
Spotify Technology SA shares closed at $182.79 on Friday, up $0.60 (+0.33%). Year-to-date, SPOT has gained 22.67%, versus a 5.70% rise in the benchmark S&P 500 index during the same period.