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Thursday, April 5, 2018

SPOTIFY, DAY 3

Spotify has bounced back from Wednesday’s close, rising close to $6 a share in early morning trading after an analyst gave a “buy” rating to the stock. It ended the day at $144.

More than 7.2m shares exchanged hands.

A rally began in the morning after Stifel analyst John Egbert wrote, "We believe an all-you-can-listen-to on-demand music streaming service for $9.99 a month is high on the list of Internet services offered on a value per dollar basis, right behind's Amazon's $99 a year all-you-can-order Prime membership and Netflix's $10.99 a month all you-can-watch subscription."

Stifel issued a buy rating with a target price of $180, which drive the price to just under $150.

Gabelli & Co.’s John Tinker is all bullish, telling Barron’s, “if you’re an institutional growth investor, you need to be in growth stocks. If you’re a big institution, you gotta own some of this.”

 
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