Spotify (SPOT) Coverage Initiated by Analysts at Cascend Securities

Cascend Securities began coverage on shares of Spotify (NASDAQ:SPOT) in a report released on Monday. The brokerage issued a buy rating and a $185.00 price target on the stock.

Several other equities research analysts have also recently commented on the company. Royal Bank of Canada dropped their price objective on Spotify to $210.00 and set an average rating on the stock in a research report on Thursday, May 3rd. SunTrust Banks assumed coverage on Spotify in a report on Wednesday, May 2nd. They issued a buy rating and a $200.00 target price on the stock. Buckingham Research assumed coverage on Spotify in a report on Monday, April 30th. They issued a neutral rating and a $175.00 target price on the stock. Bank of America assumed coverage on Spotify in a report on Monday, April 30th. They issued a buy rating and a $195.00 target price on the stock. Finally, Morgan Stanley assumed coverage on Spotify in a report on Monday, April 30th. They issued an overweight rating and a $190.00 target price on the stock. One research analyst has rated the stock with a sell rating, five have given a hold rating, thirteen have issued a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of Buy and an average target price of $178.59.

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Spotify opened at $158.76 on Monday, Marketbeat Ratings reports. Spotify has a one year low of $158.08 and a one year high of $160.85.

Spotify (NASDAQ:SPOT) last released its quarterly earnings data on Wednesday, May 2nd. The company reported ($1.01) EPS for the quarter, missing the consensus estimate of ($0.33) by ($0.68). The company had revenue of $1.14 billion during the quarter, compared to the consensus estimate of $1.14 billion. The business’s revenue was down .9% compared to the same quarter last year.

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.

Analyst Recommendations for Spotify (NASDAQ:SPOT)

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