These Analysts Increase Their Forecasts On Spotify After Q4 Results

Spotify Technology SA SPOT reported an increase in sales for the fourth quarter.

The company reported fourth-quarter FY23 revenue growth of 16% year-on-year to €3.67 billion ($3.95 billion), missing the consensus of $4.06 billion. EPS loss of €(0.36) or $(0.39) missed the consensus loss of $(0.14), according to data from Benzinga Pro.

Total MAUs (Monthly Active Users) rose 23% Y/Y to 602 million. Ad-supported MAUs grew a whopping 28% y/y to 379 million. Premium Subscribers grew 15% Y/Y to 236 million.

Spotify sees first-quarter revenue of €3.6 billion (consensus $3.93 billion). It expects total MAUs of 618 million.

Spotify shares gained 3.9% to close at $231.92 on Tuesday.

These analysts made changes to their price targets on Spotify after the company reported quarterly results.

• JP Morgan boosted the price target on Spotify from $220 to $280. JP Morgan analyst Doug Anmuth maintained an Overweight rating.
• Rosenblatt raised the price target on Spotify from $300 to $315. Rosenblatt analyst Barton Crockett maintained a Buy rating.
• DZ Bank analyst Markus Leistner upgraded Spotify from Sell to Hold and announced a $240 price target.

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