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AAPL

Apple

$183.76

2.05 (1.13%)

, SPOT

Spotify

$140.03

-3.49 (-2.43%)

06:41
03/15/19
03/15
06:41
03/15/19
06:41

Apple says Spotify 'wants all the benefits of a free app without being free'

The company said, "At its core, the App Store is a safe, secure platform where users can have faith in the apps they discover and the transactions they make. And developers, from first-time engineers to larger companies, can rest assured that everyone is playing by the same set of rules. That's how it should be. We want more app businesses to thrive - including the ones that compete with some aspect of our business, because they drive us to be better. What Spotify (SPOT) is demanding is something very different. After using the App Store for years to dramatically grow their business, Spotify seeks to keep all the benefits of the App Store ecosystem - including the substantial revenue that they draw from the App Store's customers - without making any contributions to that marketplace. At the same time, they distribute the music you love while making ever-smaller contributions to the artists, musicians and songwriters who create it - even going so far as to take these creators to court. Spotify has every right to determine their own business model, but we feel an obligation to respond when Spotify wraps its financial motivations in misleading rhetoric about who we are, what we've built and what we do to support independent developers, musicians, songwriters and creators of all stripes.So we want to address a few key points: Spotify claims we're blocking their access to products and updates to their app. Let's clear this one up right away. We've approved and distributed nearly 200 app updates on Spotify's behalf, resulting in over 300M downloaded copies of the Spotify app. The only time we have requested adjustments is when Spotify has tried to sidestep the same rules that every other app follows...Spotify is free to build apps for - and compete on - our products and platforms, and we hope they do. Spotify wants all the benefits of a free app without being free. A full 84% of the apps in the App Store pay nothing to Apple when you download or use the app...The only contribution that Apple requires is for digital goods and services that are purchased inside the app using our secure in-app purchase system. As Spotify points out, that revenue share is 30% for the first year of an annual subscription - but they left out that it drops to 15% in the years after...We share Spotify's love of music and their vision of sharing it with the world. Where we differ is how you achieve that goal. Underneath the rhetoric, Spotify's aim is to make more money off others' work. And it's not just the App Store that they're trying to squeeze - it's also artists, musicians and songwriters...We're proud of the work we've done to help Spotify build a successful business reaching hundreds of millions of music lovers, and we wish them continued success - after all, that was the whole point of creating the App Store in the first place." Reference Link

AAPL

Apple

$183.76

2.05 (1.13%)

SPOT

Spotify

$140.03

-3.49 (-2.43%)

AAPL Apple
$183.76

2.05 (1.13%)

03/14/19
NEED
03/14/19
NO CHANGE
Target $85
NEED
Buy
Roku price target raised to $85 from $65 at Needham
Needham analyst Laura Martin raised her price target on Roku (ROKU) to $85 and kept her Buy rating, saying its 14% stock price decline yesterday was "overdone" while maintaining her view of the company as the "top pick for 2019". The analyst cites the company's position of an "arms dealer", aggregating 5K 3rd party streaming video apps into one platform. She also believes that "every new streaming service", including the upcoming offerings from Disney (DIS), AT&T (T) and Apple (AAPL) will sign contracts allowing for viewing on Roku device, adding that "TV advertisers" will have to follow the viewers since some 10M Roku users have no linear TV access. Moreover, Martin contends that Roku is in position to expand internationally or possibly be acquired.
03/14/19
COWN
03/14/19
INITIATION
Target $220
COWN
Outperform
Apple initiated with an Outperform at Cowen
Cowen analyst Krish Sankar initiated Apple with an Outperform rating and $220 price target, stating that his long term investment thesis hinges on the Services segment growing and Apple massively monetizing its installed base of products. Sankar also thinks increasing recurring revenues should drive a higher multiple for Apple shares, he tells investors. He models iPhone units down 15% year-over-year in calendar 2019 to 175M units.
03/14/19
MSCO
03/14/19
NO CHANGE
Target $197
MSCO
Overweight
Morgan Stanley 'positively biased' on Apple's March quarter based on China signs
Morgan Stanley analyst Katy Huberty shared four reasons that she is "positively biased" on Apple's March quarter with two weeks to go: data showing that Apple gained share of the Chinese smartphone installed base year-over-year in January and February; the fact that February was the first month in half a year that her firm's Asia team didn't cut their iPhone builds forecast; the fact that this is the first time that her March and June quarter iPhone forecasts are actually below her Asia Hardware team's build forecast; and the fact that replacement cycles have converged with PCs. Huberty, who added that the XS Max is the most popular new iPhone model with users in China "contrary to expectations," keeps an Overweight rating and $197 price target on Apple shares.
03/14/19
03/14/19
INITIATION

Fly Intel: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Apple (AAPL) initiated with an Outperform at Cowen. 2. Fluidigm (FLDM) initiated with a Buy at BTIG. 3. Kala Pharmaceuticals (KALA) initiated with a Buy at Jefferies. 4. PLx Pharma (PLXP) initiated with an Outperform at JMP Securities. 5. Walker & Dunlop (WD) initiated with a Buy at BTIG. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
SPOT Spotify
$140.03

-3.49 (-2.43%)

01/16/19
WELS
01/16/19
NO CHANGE
Target $140
WELS
Market Perform
Spotify price target lowered to $140 from $150 at Wells Fargo
Wells Fargo analyst Robert Coolbrith lowered his price target for Spotify to $140 from $150, while reiterating a Market Perform rating on the shares. The analyst remains cautious on shares as he believes that the company's runway for continued robust growth in Premium Subscribers, particularly in developed markets, may be limited by the highly competitive dynamics of the market and the appeal of high-quality free music streaming products. Additionally, Coolbrith notes that Spotify's relationships with the major music labels, which appeared to have been improving now appear to have been complicated by Spotify's efforts to directly license music from artists, with uncertain consequences for its future pace of gross margin improvement and its ability to obtain license agreements to launch its service in new markets, notably India and Russia.
02/07/19
LOOP
02/07/19
NO CHANGE
Target $120
LOOP
Sell
Spotify price target lowered to $120 from $135 at Loop Capital
Loop Capital analyst Alan Gould lowered his price target on Spotify to $120 and kept his Sell rating, saying that while the company posted "good" Q4 numbers with premium subscribers close to expectations, its 2019 top-line guidance was disappointing. The analyst adds that the "library product is more critical in music than video and warns about the "competitive music streaming market", even though he is positive on Spotify's plans to buy Anchor and Gimlet Media to grow its podcasting business.
02/07/19
RBCM
02/07/19
NO CHANGE
Target $190
RBCM
Outperform
Spotify price target lowered to $190 from $200 at RBC Capital
RBC Capital analyst Mark Mahaney lowered his price target on Spotify after its Q4 earnings, saying that while the quarter was "in-line to modestly above" consensus, the outlook for Q1 missed in terms of gross margins and operating losses. The analyst keeps his Outperform rating on Spotify, attributing the misses "almost entirely to pending acquisitions & investments in Podcasts", which he sees as a "smart strategic direction".
03/13/19
KEYB
03/13/19
NO CHANGE
KEYB
Sector Weight
KeyBanc says Spotify complaint a risk to Apple given significant merit of claim
After Spotify (SPOT) filed a complaint with the European Commission claiming Apple (AAPL) has implemented anti-competitive practices in App Store policies, KeyBanc analyst Andy Hargreaves said he believe Spotify's claim has "significant merit" and are likely to carry significant weight when presented to the EC's competition committee. He sees the most significant financial risk to Apple coming from a forced requirement to allow first party and other third party payment processing from within apps, which Hargreaves said would likely drive the current 30% rate Apple collects "down substantially." The complaint also creates brand risk in addition to financial risk, according to the analyst, who keeps a Sector Weight rating on Apple shares.

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$36.03

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CCL

Carnival

$56.67

-0.065 (-0.11%)

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McCormick

$143.88

1.58 (1.11%)

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CRTO

Criteo

$21.99

-3.4 (-13.39%)

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SSNLF

Samsung

$0.00

(0.00%)

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BA

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  • 28

    May

MCD

McDonald's

$185.66

-1.11 (-0.59%)

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  • 30

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SSNLF

Samsung

$0.00

(0.00%)

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AWR

American States Water

$71.51

0.505 (0.71%)

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American States Water CEO sells 12.4K shares of common stock »

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MEOH

Methanex

$56.35

-1.38 (-2.39%)

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BECN

Beacon Roofing

$34.14

0.81 (2.43%)

, SAEX

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IQ

iQIYI

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MYOK

MyoKardia

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CTMX

CytomX Therapeutics

$10.76

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HPQ

HP Inc.

$18.97

-0.4 (-2.07%)

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Pegasystems

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DJX

Dow Jones Industrial Average

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, SPX

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MCD

McDonald's

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BA

Boeing

$370.52

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ACHC

Acadia

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AAPL

Apple

$188.78

-2.33 (-1.22%)

17:41
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Recommendations
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ZFGN

Zafgen

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NOC

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