Why Are Spotify Shares Trading Higher Today?

Bernstein analyst Todd Juenger upgraded Spotify Technology SA SPOT to Market Perform from Underperform as new industry data drives an increase in his global market forecast for music streaming.
Multiplied against an increased forecast for long-term Gross Margins, supported by evidence in Q3 results, raises the analyst's probability-weighted target price to $280, which is now in line with the market price.
Spotify reported third-quarter FY21 revenue growth of 27% year-on-year to €2.5 billion, helped by advertising strength.
Spotify raised Q4 revenue outlook from €2.48 billion-€2.68 billion to €2.54 billion - €2.68 billion.
Price action: SPOT shares traded higher by 3.26% at $298.82 on the last check Monday.

Momentum97.19

Growth73.58

Quality-

Value10.56

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