Shares of music streaming service Spotify Technology SA have lost half of their market capitalization year-to-date. Here’s what one bull analyst is saying ahead of an investor event this week.
Spotify Analyst
KeyBanc analyst Justin Patterson reiterated an Overweight rating and $210 price target for Spotify shares.Spotify Takeaways
Spotify’s first formal investor event since its direct listing in 2018 is scheduled for 10 a.m. ET on Wednesday, June 8.Spotify will likely give updates on its core audio progress, Patterson said in a note. The analyst estimates that monthly average users will likely increase about by a factor of six, to 532 million, between 2015 and 2023, and premium subscribers will increase by more than eight times to 229 million.
