Spotify (SPOT) Coverage Initiated at Wells Fargo

Stock analysts at Wells Fargo began coverage on shares of Spotify (NASDAQ:SPOT) in a report released on Wednesday, MarketBeat reports. The brokerage set a “market perform” rating and a $150.00 price target on the stock. Wells Fargo’s price target points to a potential downside of 5.52% from the stock’s current price.

SPOT has been the subject of a number of other reports. Royal Bank of Canada began coverage on Spotify in a research report on Thursday, March 29th. They set an “outperform” rating and a $220.00 price objective for the company. Atlantic Securities began coverage on Spotify in a research report on Wednesday, March 28th. They set an “overweight” rating for the company. Bank of America began coverage on Spotify in a research report on Monday, April 30th. They set a “buy” rating and a $195.00 price objective for the company. MKM Partners assumed coverage on Spotify in a research report on Thursday, March 29th. They set a “buy” rating and a $200.00 price objective for the company. Finally, Loop Capital assumed coverage on Spotify in a research note on Tuesday. They set a “sell” rating and a $120.00 target price for the company. One analyst has rated the stock with a sell rating, five have issued a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $178.59.

Shares of Spotify stock opened at $158.76 on Wednesday. Spotify has a one year low of $158.08 and a one year high of $160.85.

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

Spotify Company Profile

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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