5 Most Important Stock Analyst Ratings to Watch

2. Spotify Technology S.A. (NYSE:SPOT)

Number of Hedge Fund Holders: 49

Shares of Spotify Technology S.A. (NYSE:SPOT) jumped over seven percent on Wednesday, June 15, 2022, after Wells Fargo upgraded the Swedish music streaming platform from “Underweight” to “Equal Weight.”

The research firm also raised its price target for Spotify Technology S.A. (NYSE:SPOT) from $101 per share to $124 per share, saying the company could be more profitable than previously thought. Wells Fargo analyst Steven Cahall seemed particularly impressed by Spotify’s recent investor day, where the company laid out plans to improve margins.

Cahall now anticipates a profit margin of 27.1 percent for 2023, compared to his previous projection of 26.3 percent. He believes that gross margin in music and podcasting would likely be driven by Spotify’s investments to boost engagement and monetization.