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On Tuesday, Bernstein SocGen Group reaffirmed its Outperform rating for Spotify stock (NYSE: NYSE:SPOT). The firm also maintained its price target of $825.00, indicating continued confidence in the company’s performance and growth potential. The stock currently trades at $671.07, near its 52-week high of $675.00, reflecting strong market momentum. According to InvestingPro analysis, the stock appears to be trading above its Fair Value.
Spotify, a leading music streaming service, has been under the spotlight as analysts closely monitor its market position and financial outlook. With a market capitalization of $138 billion and impressive year-over-year revenue growth of 17.2%, the company has demonstrated strong financial performance. The reiteration of the Outperform rating suggests that Bernstein SocGen Group expects Spotify to perform better than its peers in the market.
The maintained price target of $825.00 reflects the firm’s positive outlook on Spotify’s ability to capitalize on its user base and expand its services. This target is based on various factors, including Spotify’s strategic initiatives and market trends.
Investors and market participants will be watching closely to see how Spotify navigates the competitive landscape and leverages its strengths in the coming months.
In other recent news, Spotify has been found in violation of the EU’s General Data Protection Regulation (GDPR) by the Stockholm Court of Appeal. The ruling followed an inspection by the Swedish Data Protection Authority, which highlighted issues such as insufficient information provided to users and inadequate safeguards for data transfers. Meanwhile, Guggenheim has raised its price target for Spotify to $725, maintaining a Buy rating, reflecting expected impacts from currency fluctuations and price increases. In contrast, CFRA has downgraded Spotify from Buy to Hold, lowering its price target to $610 due to concerns over valuation multiples and a less certain outlook for early 2025. UBS has maintained a Buy rating with a $680 price target, noting a slight slowdown in revenue growth but highlighting strong subscriber numbers and improved gross margins. UBS analysts remain optimistic about Spotify’s long-term monetization potential and its capacity to generate increased free cash flow. These developments provide a multifaceted view of Spotify’s current position and potential future trajectory.
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