Spotify Technology has lost one of its bulls.
Credit Suisse analyst Brian Russo lowered his rating on Spotify stock (ticker: SPOT) to Neutral from Outperform on Wednesday. Russo kept a $315 price target on the stock.
Spotify stock closed down 2.7% to $318.53 on Wednesday, while the
Russo wrote in a note to clients that he originally upgraded the stock in September, pointing to Spotify’s exclusive podcast content and launches in new markets that could drive subscriber growth. But following the stock’s roughly 35% jump in the past three months, he says his expectations are priced in.
Russo forecasts Spotify can hit 32 million premium subscriber net additions in 2021, ahead of consensus estimates that call for 30 million net additions. He thinks the company will provide an outlook for fiscal 2021 when it reports fiscal first-quarter results in February.
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