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SPOT

Spotify

$159.76

7.43 (4.88%)

09:53
10/12/18
10/12
09:53
10/12/18
09:53

Spotify upgraded to Buy after recent underperformance at Pivotal Research

As previously reported, Pivotal Research analyst Jeffrey Wlodarczak upgraded Spotify to Buy from Hold following the stock's recent material underperformance compared to both the broader markets and the Nasdaq. He left his forecast unchanged, including his "relatively conservative" Q3 estimate for 3M net new premium MAUs, stating that Google trend data points to closer to 4M. Wlodarczak lowered his price target on Spotify shares to $190 from $200.

  • 01

    Nov

SPOT Spotify
$159.76

7.43 (4.88%)

09/25/18
RHCO
09/25/18
DOWNGRADE
Target $9.5
RHCO
Hold
Pandora downgraded to Hold from Buy at SunTrust
SunTrust analyst Matthew Thornton downgraded Pandora (P) to Hold from Buy and raised his price target to $9.50 from $8.50 after yesterday's announcement of an acquisition by Sirius XM (SIRI). The analyst says the deal makes sense strategically to merge its "free ad-supported and mobile/digital capabilities" with the latter's position in subscription, in-auto, and non-music content, but also contends that its valuation is "underwhelming" at just 18% premium to Friday's close. Thornton believes that another suitor, such as Spotify (SPOT), may emerge during the go-shop period.
09/25/18
RBCM
09/25/18
NO CHANGE
Target $10
RBCM
Outperform
Competing big for Pandora 'unlikely', says RBC Capital
RBC Capital analyst Mark Mahaney kept his Outperform rating and $10 price target on Pandora (P) after yesterday's announcement of a pending acquisition by Sirius (SIRI). The analyst believes that this is a "logical strategic step" based on the potential synergies between the two, with the first having a very strong in-home presence and the latter a very strong in-car presence. Mahaney also sees the $10.14 per share acquisition price as very reasonable and consistent with his own price target derived from 1.5-times multiple of forward price to sales. The analyst further notes that a competing bid from potential other acquirers like Spotify (SPOT), Apple (AAPL), Google (GOOGL), and Amazon (AMZN) is "reasonable unlikely at this point".
10/09/18
MKMP
10/09/18
NO CHANGE
Target $245
MKMP
Buy
Spotify has several parallels similar to Netflix, says MKM Partners
MKM Partners analyst Rob Sanderson kept his Buy rating and $245 price target on Spotify (SPOT), saying that while the company has some "major differences" relative to Netflix (NFLX), it also has some important parallels. The analyst cites "limited" content exclusivity in online music streaming services and little overlap in subscriber bases, along with less fixed-cost leverage. However, Sanderson points to the music industry ecosystem undergoing a similarly significant change where distribution "defines content monetization models". The analyst is positive on Spotify's "strong early position" and its "data story" defined by user engagement as it looks to expand its influence in the industry. Sanderson also believes that the company offers a music platform that can scale access to millions of users while its "interactive data collection fundamentally changes the content".
10/12/18
PIVT
10/12/18
UPGRADE
PIVT
Buy
Spotify upgraded to Buy from Hold at Pivotal Research

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NTGN

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NCNA

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LPTX

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INCY

Incyte

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LOXO

Loxo Oncology

$160.01

-7.58 (-4.52%)

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$0.00

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MRTX

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RHHBY

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GILD

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ADAP

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RHHBY

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PFE

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MRK

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DVAX

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EXEL

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AGEN

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OMED

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