In addition, the music streaming company has been trading sideways since mid-May, when it bottomed at $90.86. Turning to the technical picture, we see that Spotify stock has formed a bottoming pattern on the daily chart below. Swinburne pointed out that while Spotify has underperformed this year, he still expects the global music streaming industry to keep growing in double digits for the foreseeable future, even with the slowing economic growth.
In an investor note issued today, Morgan Stanley analyst Benjamin Swinburne lowered his price target on the music-streaming giant from $170 to $140 but maintained an overweight rating on the company.Īlso read: 12 Best Shares To Buy As A Beginner.
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