The imagination is running wild when it comes to Spotify Technology SA (NYSE: SPOT) stock and it seems like SPOT runaway train is not coming back under $250.
Earnings are not important at this point. It is the hyper-growth that people are interested in and Wall Street analysts are among those that are overly enthusiastic.
Two days after Kim Kardashian signed an agreement with Spotify to take her passion for prison reform to Spotify, Rosenblatt raised its SPOT target to $275. Rosenblatt Securities analyst Mark Zgutowicz maintaines a Buy rating on Spotify Technology SA (NYSE:SPOT) on Friday, setting a price target of $275.
Rosenblatt raising $SPOT target to $275 from $190— Marc Lehman (@markflowchatter) June 19, 2020
SPOT: “Holy Podcast Heist, Batman!” Raise PT from $190 to $275, Maintain Buy
But, if you really think Kim Kardashian is going to earn more money for Spotify, you gotta be crazy.
$SPOT PT raised to $275 from $200 at Monness Crespi Hardt, stock maintained at buy— CHItraders (@CHItraders) June 19, 2020
She will not be migrating her existing popular podcast (like Joe Roggan did) to Spotify’s platform, but will start an altogether new one.
So this is more of a PR move, but that PR move costs money. Anyhow, I was wrong before when I said that SPOT will not go above $250 any time soon, so maybe I am wrong again. We all know that STONKS only go up.