Four top stock analysts have shifted to a bearish outlook for Spotify (NYSE: SPOT). Monday, Guggenheim, Deutsche Bank, Stifel and Nomura reset their target prices to $120, $135, $170 and $188 respectively. All are above Spotify's current $119.36 price at close of market Monday.
Spotify made its market debut last April with a reference price of $132 per share.
Most analysts still remain bullish, however, with 16 of 22 rating it "buy" or "strong buy." '
But even the most optimistic traders are preparing for a wild ride. Options traders give Spotify a 30 day implied volatility of 55.3%, which ranks in the 89th annual percentile.