What's Going On With Spotify Stock Monday?

Spotify Technology S.A. SPOT is in the spotlight ahead of earnings Tuesday. Here’s what you need to know.

What To Know: Analysts estimate earnings per share of $2.19 and revenue of $4.93 billion.

In the first quarter, Spotify posted earnings of $1.13 per share, missing the $2.33 estimate, while revenue came in at $4.41 billion, topping the $4.20 billion forecast.

In recent quarters, Spotify has consistently missed earnings estimates while outperforming on revenue.

The company guided monthly active users of 689 million and total premium subscribers of 273 million.

Analyst Changes: Ahead of the earnings report, multiple analysts have issued price target adjustments.

• Oppenheimer analyst Jason Helfstein upgraded Spotify from a Perform rating to a Outperform rating and announced a $800 price target.
• Deutsche Bank analyst Benjamin Black maintained a Buy rating on Spotify and raised the price target from $700 to $775.
• JP Morgan analyst Doug Anmuth maintained an Overweight rating on Spotify and raised the price target from $730 to $780.
• Keybanc analyst Justin Patterson maintained an Overweight rating on Spotify and raised the price target from $640 to $860.
• Morgan Stanley analyst Manan Gosalia maintained an Overweight rating on Spotify and raised the price target from $700 to $850.

The consensus price target for Spotify is $697.13, with the lowest price target at $230 and the highest price target at $900.

The company is expected to report earnings on Tuesday before the market opens.

See Also: Meta’s Strong Revenues May Offset Concerns Over Soaring AI Investments: Analyst

SPOT Price Action: At the time of writing, Spotify shares are trading 0.89% higher at $699.32, according to data from Benzinga Pro.

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