Spotify Technology SA (NYSE:SPOT) reported a profit for the third quarter.
Spotify reported third-quarter FY23 revenue growth of 11% year-on-year to €3.36 billion ($3.65 billion), beating the consensus of $3.34 billion. EPS of €0.33 or $0.36 beat the consensus loss of $(0.22).
Spotify said it sees fourth-quarter revenue of €3.7 billion (consensus $3.91 billion), which includes a 300 bps hit from forex.
Spotify shares fell 5.5% to trade at $161.28 on Wednesday.
These analysts made changes to their price targets on Spotify following earnings announcement.
- Raymond James increased the price target on Spotify from $170 to $180. Raymond James analyst Andrew Marok maintained an Outperform rating.
- Keybanc raised the price target on Spotify from $205 to $210. Keybanc analyst Justin Patterson maintained an Overweight rating on the stock.
- Morgan Stanley boosted the price target on Spotify from $190 to $200. Morgan Stanley analyst Manan Gosalia maintained an Overweight rating.
- Benchmark raised the price target on Spotify from $195 to $202. Benchmark analyst Mark Zgutowicz maintained a Buy rating.
- Barclays increased the price target on Spotify from $182 to $186. Barclays analyst Mario Lu maintained an Overweight rating.
- Truist Securities boosted the price target on Spotify from $176 to $190. Truist Securities analyst Matthew Thornton maintained a Buy rating.
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