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Spotify Shares Close Above $400 for First Time, Valuing Company Above $80 Billion
Spotify shares closed about $400 for the first time and more music stock performances including HYBE, Live Nation, SiriusXM and SM Entertainment.
When investors began to tire of high-growth streaming companies with little to show in profitability, Spotify underwent two major rounds of layoffs in 2023, helping reduce costs without sacrificing subscriber growth or revenue. U.S. stock markets soared this week following the election of Donald Trump on Tuesday (Nov. 5) and the U.S. Federal Reserve’s decision on Thursday (Nov. 7) to lower interest rates by a quarter of a percentage point. The election wasn’t the only reason for the stock’s gains: Morgan Stanley upped its price target to $140 from $120 based on “a combination of strong underlying consumer demand and powerful artist incentives to tour,” analysts wrote in an investor note on Tuesday.
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