Spotify Technology Posts Q2 Bear, Guides to Smallest Q3 MAU Growth Since 2018

Shares of Spotify Technology SA (NYSE: SPOT ) rallied in early trading on Wednesday, after the company reported upbeat second-quarter results. Here are the key analyst takeaways: Rosenblatt Securities analyst Barton Crockett reiterated a Neutral rating, while cutting the price target from $531 to $527. JPMorgan analyst Doug Anmuth maintained an Overweight rating and price target of $650. Guggenheim Securities analyst Michael Morris reaffirmed a Buy rating and price target of $565. Check out other analyst stock ratings. Rosenblatt Securities: While Spotify Technology highlighted several innovations in its music streaming service, its second-quarter results were marred by "noise," Crockett said in a note. This included elevated expense growth and a new promotional approach that slowed MAUs (monthly active users), he added. Revenue grew 13.9% year-on-year, 14.6% in constant currency, bro...