Spotify To Rise 60% say 33 Top Analysts as Stock Hits New Low, Sheds $12B Value (NASDAQ:SPOT)
Spotify stock closed at $125.68 on Friday, ticking up slightly from an all time day-end low of $125.55 the day before. In late July, Spotify's stock was soaring at $196.28, raising the streamer's market cap to $35.3 billion.
5 months later the Spotify market cap has fallen more than $12 billion to $23 billion.
Despite the stock price drop and ongoing questions regarding the streamer's prospects for eventual profitability, an overwhelming number of Wall Street analysts still rate Spotify a buy. An average of 33 stock analysts believe that the streamer's stock price will rise 60% to $200.26. Only 1 of the 33 says that it's time to sell Spotify stock.
"Shares of Spotify (NASDAQ:SPOT) have been given an average rating of “Buy” by the thirty-three analysts that are covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, seven have given a hold recommendation, twenty-four have assigned a buy recommendation and one has assigned a strong buy recommendation to the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $200.26."