Spotify has added new features, including audiobooks.
Tiffany Hagler-Geard/Bloomberg
Spotify Technology
stock has skyrocketed 128% this year, as the company has shown strong growth and improving profitability, while adding new features like audiobooks. But after the big run, at least one analyst suggests stepping away and taking profits on the stock.
Citi analyst Jason Bazinet cut his rating on the streaming audio company’s shares to Neutral from Buy, while keeping his target price at $190. The stock on Friday is off 2.2%, to $181.13.
“While we like Spotify’s strategy and execution, we no longer believe the risk-reward is compelling,” Bazinet wrote in a research note. “And when we look at consensus estimates, we see a few reasons to be a tad more cautious.”
Overall,…
Read the full article here