Spotify Stock Bounces Off Bottom, Analysts Stay Bullish
Spotify [SPOT] stock ticked upward Tuesday, after days of downward trading that saw the streamer hit an all time low. SPOT stock ended the day at $141.68 up 1.85%. It was up another 1.21% in pre-market trading on Wednesday, trading at $143.40.
On Monday, Spotify stock fell 4.88% to close at at $139.11, an all time end of day low for the streamer. That was a fall of 24% in just the last month.
Analysts Rosenblatt started coverage this week with a "buy," but with a target price of $181.00. A more bullish, Goldman Sachs stuck with its 'buy" rating, saying that a "leading position across a growing number of platforms and geographies will ultimately drive share price outperformance,” but lowered its price target to $200 from $230.
Overall, Spotify's tumble remains two to three times that of the greater market indexes. So despite bullish forecasts from analysts, the fall has some investors worried ahead of Thursday's Q3 Earnings call,
Spotify Q3'18 Earnings Call
Date: Thursday, November 01, 2018
Time: 8:00 AM Eastern Daylight Time
