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Spotify Shares Climb, UMG Shares Sink Following Q2 Earnings Reports
Spotify's stock rose and Universal Music shares fell following the companies' Q2 earnings reports this week. Get your music stocks update here.
After Spotify announced it grew revenues by 20%, improved its gross margin and beat guidance on new subscriber additions, a slew of analysts raised their price targets, including Goldman Sachs (from $320 to $425), JP Morgan (from $375 to $425), Rosenblatt (from $396 to $399), Pivotal Research (from $400 to $460), Barclays (from $350 to $360), Cowen (from $273 to $356) and B of A Securities (from $380 to $430). UMG went public in Sept. 2021, giving investors an opportunity to capitalize on the largest music company during a time of streaming growth and industry expansion. “If you think the longer term analysis holds then [UMG’s current price] represents a significant buying opportunity,” J.P. Morgan analyst Daniel Kerven wrote in an email to investors on Friday (July 26).
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