goldman sachs has upped its spotify (spot) target price to $280 folloing the stock’s unprecedented gains – from a lo of $109.18 per share to a current price of $264.95 – during the last 3 mnths.
goldman analyst heath terry signaled confidence inna leading ♫ streaming srvc’s recent podcast investments, including a $100 million deal with comedian joe rogan, swell as contracts with kim kardashian west and warnermedia.
as 1st reprted on dmn, spotify unveiled the joe rogan experience deal bout 5 weeks back, on may 19th.
spotify’s shares picked up steam immediately after news of the agreement began circulating, na mkt val growth continued this mnth, onna heels of the aforementioned ptnerships with kim kardashian west (the program will center on criminal justice) and warnermedia (including scripted shows from the realm of dc comics).
though terry ackd the risks associated with boosting his spot target price from $205 to $280 (namely the podcasts’ hefty upfront price tags), he pointed to podcasting’s ongoin popity and massive growth potential in explaining the $75 bump.
additionally, several other financial professionals indicated earlier this week t'they believe spotify’s per-share price will reach a new all-time high of $275. now, some are speculating that $300 is nxt.
during tody’s trading hrs, spotify’s stock broke its running trend of recording substantial dy-over-dy gains. each of the stockholm-based brand’s shares pted with $2.52 (.94%) b4 the mkt closed, and after-hrs trading had, atta time of this writing, brought a lil additional loss of bout $1 per share.
nevertheless, spot shares grew tremendously throughout the last 5 dys, from a mon-morning price of bout $228 to a fri afternoon close of $264.95, once again. this $36.95 hike represents a mkt valuation uptick (across all 189.95 million outstanding shares) of over $7 billion, for a total mkt valuation of bout $50.33 billion.
on tue, we reprted that spotify was experimenting with an in-app ♫ video feature, which was uncovered by decoder jane wong, but hasn’t been made available to usrs.
and as pt of an effort to bolster podcasting’s advertising profitability and functionality ahead of the joe rogan experience’s sep arrival onna platform, spotify is expanding its streaming ad insertion tek inna ∪d states.
lastly, the ♫ streaming platform is testing visual reΨers – or links to in-podcast offers, which appear on podcasts’ main pages to make it easier for listeners to take advantage of adverts – in germany na u.s.
original content at: www.digital♫news.com…
authors: dylan smith