Spotify stock surges on strong report, analysts up targets
UPDATE: Spotify stock surged Tuesday after the streamer announced a Q4 report that ended its first year of profitability with strong growth across most key metrics.
Spotify stock surges on strong Q4 report
During the Q4 earnings call, Spotify CEO Daniel Ek promised to “double down on music” after years of expansion in other audio and video categories and to accelerate new product releases.
By Tuesday’s market close, NYSE: SPOT was trading at $621.77 up $72.69 or up 13.24% for the day.
Wednesday Trading
On Wednesday several analysts upgraded their projections for Spotify stock. Canaccord Genuity analyst Maria Ripps raised his target price to $700 from $650, while maintaining a Buy rating. Guggenheim analyst Michael Morris raised the price target to $675.
Pre-market trading Wednesday was at $613.89, down $7.88 or 1.27%.
By mid-morning Wednesday Spotify stock was trading at $622.99, up $1.22 or 0.20%.
