These Analysts Increase Their Forecasts On Spotify After Q2 Results

Spotify Technology SA SPOT reported a loss for the second quarter on Tuesday.

The company reported second-quarter FY23 revenue growth of 11% year-on-year to €3.18 billion ($3.46 billion), missing the consensus of $3.57 billion. Loss per share of €(1.55) or $(1.69) missed the consensus loss of $(0.70).

Spotify sees Q3 revenue of €3.3 billion (consensus $3.78 billion), which includes a 600 bps hit from forex. It expects total MAUs of 572 million.

Spotify shares fell 14.3% to close at $140.38 on Tuesday, but added 2.6% in today’s pre-market trading session.

These analysts made changes to their price targets on Spotify following earnings announcement.

• Goldman Sachs raised the price target on Spotify from $156 to $163. Goldman Sachs analyst Eric Sheridan maintained a Neutral rating.
• Barclays boosted the price target on Spotify from $180 to $182. Barclays analyst Mario Lu maintained an Overweight rating.
• Rosenblatt raised the price target from $141 to $150. Rosenblatt analyst Barton Crockett maintained the stock with a Neutral rating.
• Deutsche Bank analyst Benjamin Black, meanwhile, upgraded Spotify from Hold to Buy and announced a $180 price target.

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