Spotify shares have been robust recently, recording a slight increase of 0.28% to $337.63 yesterday. Despite a decline of 1.18% last month, the streaming giant has posted an impressive year-on-year gain of 114.38%.
Goldman Sachs sees further potential
US investment bank Goldman Sachs recently raised its rating for Spotify from “Neutral” to “Buy” and significantly increased the price target from USD 320 to USD 425. Analyst Eric Sheridan justifies this with Spotify’s clear market leadership and the expectation that the company will continue to expand its economies of scale and customer base. In particular, he expects improved momentum in margins and free cash flow in the second half of the year and in 2025.
The positive outlook is also reflected in investor sentiment. Despite the high P/E ratio of 45.44 for 2024, many experts see further growth potential. However, challenges such as licensing costs and intense competition remain. Investors should therefore keep a close eye on the upcoming quarterly figures.
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