SPOT - Spotify Technology Reports Record Ad Revenues For Q4: Could The Company Approach $1B Profits In 2024 Asks Analyst | Benzinga
Spotify Technology SA (NYSE: SPOT) shares climbed in early trading on Wednesday, after the company reported better-than-expected fourth-quarter results.
The results came amid an exciting earnings season. Here are some key analyst takeaways from the release.
Morgan Stanley On Spotify Technology
Analyst Benjamin Swinburne maintained an Overweight rating, while lifting the price target from $250 to $270.
"The combination of record MAU and sub growth, broad price increases and declining opex puts Spotify in rarified air,” Swinburne wrote in a note. A good business has emerged from a good product, he added.
The analyst further stated that the company could approach $1 billion in profits in 2024.
Macquarie Research On Spotify Technology
Analyst Tim Nollen reiterated an Outperform rating while raising the price target from $232 to $300.
Spotify generated 20% year-over-year revenue growth in constant currency in the fourth quarter, "driven by 10m and 28m additional premium subscribers and MAUs, respectively,” Nollen said.
The company now has 379 million ad-supported listeners, which "drove $501m (+12% y/y) in ad ...