Spotify stock rose 3.24% Tuesday, closing at $175.98. That's an 11.5% jump in the last month at a time when the overall S&P 500 rose just +0.22%. The increase came after Barclays began analysis of the stock with a solid buy rating and prediction of strong future growth.
"Our optimism around SPOT stems from the company's history of creating best-in-class products and user experience and innovating ahead of peers, a recipe for market cap accretion in consumer internet," said Barclays analyst Ross Sandler while predicting target price of $210 .
"While structural differences may make Spotify somewhat less desirable than Netflix Inc. long term, at a $30 billion market cap, the risks are skewed to the upside in our view," he said.
No comments:
Post a Comment