大摩重申 Spotify(SPOT)增持评级及640美元目标价，股价盘中应声涨约3%

Shares of Spotify ( SPOT ) rose about 3% on Tuesday after Morgan Stanley reiterated its Overweight rating on the streaming platform and $640 price target, citing opportunities for subscriber growth and margin expansion from its expanding audiobooks business, video podcast monetization, and upcoming artificial intelligence tools. PT represents about 23% upside from the stock’s last close. Analyst Sean Diffley expects Spotify ( SPOT ) to grow revenue at a compound annual rate of about 13% over the next few years, while EBITDA could expand at roughly 25% annually. Diffley said Spotify’s ( SPOT ) expansion of audiobooks to more than 180 markets by year-end 2026 could initially improve engagement, retention, and subscriber additions, with opportunities to raise prices in these markets over time. However, incremental publisher payments could weigh on near-term gross margins. The analyst also highlighted the Spotify ( SPOT ) Partner Program’s expansion into 35 new markets and an upcoming AI remix tool as potential drivers of monetization. They said Spotify ( SPOT ) has the potential to enter the “AI winner bucket” as it rolls out products and demonstrates returns on investment. Ahead of Spotify’s ( SPOT ) October 22 premarket results, Morgan Stanley expects five million net premium subscriber additions in the third quarter and 11 million in the fourth quarter. Consensus estimates call for earnings of $3.15 per share and revenue of $5.58 billion for the quarter.