Spotify’s share price recorded a significant increase of 11% yesterday. This jump in price ended the correction of the past few days and raised hopes of a possible rally in the technology stock. The decisive factor for the price increase was the recently published quarterly figures, which exceeded analysts’ expectations. Investors were particularly impressed by the subscriber growth and improved profitability.
Positive assessments from analysts
The US investment bank Goldman Sachs reacted promptly to the good figures and upgraded Spotify shares from “Neutral” to “Buy”. At the same time, the price target was raised significantly from 320 to 425 US dollars. The analysts emphasize Spotify’s clear market leadership in the global music streaming market and expect a further improvement in margins and free cash flow in the second half of the year and in 2025.
The positive sentiment among analysts and the strong quarterly results indicate promising short-term potential for Spotify shares. However, investors should also keep an eye on the intense competition in the streaming market.
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