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Spotify (SPOT) Receives a Buy from J.P. Morgan

Tipranks - Tipranks - Wed Mar 11, 2:58AM CDT

In a report released yesterday, Doug Anmuth from J.P. Morgan maintained a Buy rating on Spotify, with a price target of $700.00. The company’s shares closed yesterday at $544.88.

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According to TipRanks, Anmuth is a 5-star analyst with an average return of 15.9% and a 58.33% success rate. Anmuth covers the Communication Services sector, focusing on stocks such as Meta Platforms, Alphabet Class A, and Alphabet Class C.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Spotify with a $659.32 average price target, which is a 21.00% upside from current levels. In a report released today, TipRanks – Google also reiterated a Buy rating on the stock with a $605.00 price target.

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Based on Spotify’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $4.53 billion and a net profit of $1.17 billion. In comparison, last year the company earned a revenue of $4.24 billion and had a net profit of $367 million

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