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Goldman Sachs recently updated its outlook for Spotify Technology, raising its target price from $111 to $135 while maintaining a neutral rating. Spotify’s stock price is expected to hit this target within the next 12 months, according to financial giants, based on an analysis of the company’s financial performance, market trends and other relevant factors.
Interestingly, although Goldman Sachs’ median price target is lower than the consensus of Spotify’s 67 analysts, the company’s rating is still in line with the market. The consensus rating for Spotify stock is Buy, with 40 Buy, 24 Hold and 3 Sell.
Overall, Goldman Sachs’ decision to raise its pricing target on Spotify is a positive indicator for the company’s future prospects. However, investors should consider other important factors such as competition and market trends before making an investment decision. With a reference date of his April 21, 2023, it is important to stay abreast of the latest developments in the industry and adjust your investment strategy accordingly.
SPOT Stock Update: April 21, 2023 – Market Cap Remains High Despite Negative Earnings Growth
On April 21, 2023, SPOT shares began trading at $132.49. This is just below yesterday’s close of $133.33. Over the course of the day, 112 shares traded between $132.49 and $134.60. SPOT’s market capitalization remains high at $25.9 billion, reflecting investor confidence in the company’s future prospects. The company’s revenue growth over the past year was negative at -1,014.85%. However, revenue growth improved significantly this year, growing at 33.06%. Last year, the company’s revenue growth was 7.85%. SPOT operates in the technology services industry, specifically Internet software and services, and is headquartered in Luxembourg.
Spotify Stock Performance: Analysts Predict 5.71% Potential Gain in 12 Months
As of April 21, 2023, Spotify Technology SA’s stock price has attracted attention from investors and analysts. His 28 analysts, who provide his 12-month price forecasts for the company, set a target median of 140.99, with a high of 180.93 and a low of 91.66. This represents a potential uplift of 5.71% from the final price of 133.37.
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