Wells Fargo upgraded Spotify shares to overweight from equal weight, citing the music streaming giant's commitment to improving its margins.
It's time to jump back into the Spotify bandwagon, according to Wells Fargo. Analyst Steven Cahall upgraded the audio streaming stock to to overweight from equal weight, saying the company is now "off margin probation." The upgrade comes a week following the company's strong fourth-quarter earnings report . "When we upgraded SPOT to Equal Weight it was predicated on management showing progress against margin targets.
"We believe investors will be heartened to see non-music initiatives finally drive margin expansion and believe that industry Q4 results show that the ad market has now bottomed, driving improved confidence in estimates and multiple expansion," wrote analyst Hamilton Faber in a Monday note. Nonetheless, both firms noted that Spotify is a difficult company to value.
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