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Fly News Breaks for February 6, 2020
SPOT
Feb 6, 2020 | 06:20 EDT
Pivotal Research analyst Jeffrey Wlodarczak lowered his price target for Spotify Technology to $140 from $150 while keeping a Hold rating on the shares. The stock closed Wednesday down 5% to $147.00. Spotify yesterday reported a mixed Q4 with better monthly active users and worse financials, Wlodarczak tells investors in a research note. The Q4 monthly active user beat was driven by a "massive" increase in marketing and temporary churn benefits from moving to a three free month family plan promotion, says the analyst. His longer term concern, besides valuation, are the four music labels that control 90%-plus of Spotify's music "constantly extracting their pound of flesh from SPOT's results."
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