Inderes downgrades its recommendation for the music streaming service Spotify to Accumulate from Buy following the recent share-price gains. The price target is simultaneously raised to USD 580 from USD 570.
The research firm has lowered its long-term growth assumptions, primarily for user growth and advertising.
Ahead of the report on October 23, revenue is expected to increase by 16 percent to EUR 4.95 billion, in line with the company’s guidance. Higher revenue per premium user is expected to drive growth, while increased operating expenses weigh on profitability.
