Still up 63.7% year-to-date, the equity is contending its 60-day moving average, which, before this week, it hadn't closed below since mid-April. The analyst in coverage raised Spotify's 2021 subscriber forecast by 4 million, citing the "Joe Rogan Experience" podcast, becoming exclusive to Spotify in January, as well as those of the 60 million currently offered free Spotify in Russia - through mobile carrier MTS - that will become paying subscribers.Īfter coming within a chip-shot of its July 22 record high of $299.67 at the start of this month, SPOT has since pulled back to familiar support at the $240 region. This pop comes after Credit Suisse upgraded the stock to "outperform" from "neutral" after the close yesterday and hiked its price-target to $315 from $215. The shares of popular music-streaming service Spotify Technology SA (NYSE:SPOT) are, at last look, up 7.9% at $264.22.
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