2024-04-03 15:55:14 ET
Summary
- Spotify's FY 2023 results showed strong growth in its user base, revenues and profitability, with a surge in free cash flow.
- Heading into 2024, my outlook on Spotify is extremely bullish, marking it as my top recommendation for potential share price upside.
- In my view, Spotify's positive growth trajectory is firmly anchored in robust product development, enhanced monetization, and improved efficiency.
- On a more structural note, I highlight the potential for user growth and revenue diversification that could imply $51 billion of sales by 2030.
- Considering updated valuation metrics for Spotify, I now calculate a fair implied target price of $368/share.
I first turned into a major Spotify (SPOT) bull when shares were trading <$100 and promoted a Buy/ or Strong Buy recommendation ever since (For context, since my last bullish update in October 2023, shares are up close to 58%)....
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For further details see:
Spotify Technology: My Top Recommendation For Potentially Explosive Upside