Get the latest gossip
Spotify Stock Declines 4.6% Amid Mixed Analyst Reports, Sphere Is Week’s Biggest Gainer
Spotify and Universal Music stocks dropped this week despite a surging U.S. market, while Sphere Entertainment's share price saw the biggest gain.
Although most music stocks gained value this week, Spotify dropped 4.6% to $302.27 despite the U.S. markets surging to record heights and two new analyst reports that indicated the company’s share price has much room for improvement. On Wednesday (July 10), KeyBanc increased Spotify’s price target from $400 to $410 on the belief that the market is underestimating the company’s revenue, earnings and gross margin for 2025 and 2026. While Redburn’s analysts are impressed with Spotify’s operating momentum, they believe the market “is simply forecasting too much growth,” they wrote in an investor note.
Or read this on Billboard