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Fly News Breaks for February 5, 2020
SPOT
Feb 5, 2020 | 12:51 EDT
Evercore ISI analyst Benjamin Black said Spotify's Q4 results met his "generally muted expectations" with its better than expected user growth being the highlight of the quarter. The bigger concern for bulls is the 2020 outlook, "which will lead consensus models lower," contends Black, who cut his "already below Street revenue estimates" and gross profit estimates in light of management's outlook. He lowered his price target on Spotify shares to $110 from $115 and keeps an Underperform rating on the stock.
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