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Sphere, Spotify Shares Lead Music Stock Gains on Quarterly Earnings Results
Sphere and Spotify stocks were up after their quarterly earnings results, while the Billboard Global Music Index gained 3% to reach a new record.
“The market is now seeing the potential of this business,” Morgan Stanley analysts wrote in a Wednesday (Feb. 7) note to investors, “as record [monthly active user] net adds and subscribers come alongside price increases and an aggressive turn towards cost efficiency.” Stronger revenue growth and the potential for better margins led Morgan Stanley to raise its Spotify price target from $250 to $270. Warner Music Group (WMG) shares briefly rallied following its earnings results on Thursday — with the stock up 5.1% to $38.05 — but it finished the day down 2.5% and the week down 2.6% to $35.71. Executive chairman/CEO James Dolan attributed the strong quarter to “record results” from the Christmas Spectacular production, the long-running show featuring the Radio City Rockettes.
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