Analyst: Spotify Stock is Recession Proof

The majority of analysts are hesitant towards the equity

Deputy Editor
Jun 6, 2022 at 9:33 AM
facebook twitter linkedin


The shares of Spotify Technology SA (NYSE:SPOT) are up 3.6% at $116.17 this morning, after Raymond James said the music subscription service is more reliable than streaming icon Netflix (NFLX). The firm upgraded SPOT to "outperform" from "market perform," highlighting the company's recession-resistant name as a "best-in-class" platform.

In addition, Raymond James holds a price target of $150, which is in line with the current 12-month consensus price target of $149.68 -- a 27.7% premium to current levels. Brokerages are mostly hesitant toward Spotify stock, with 16 of 25 analysts recommending a "hold" or worse rating.

On the charts, the equity may have found its bottom after notching an all-time low of $89.30 on May 12. SPOT is a long ways from its Nov. 2 record high of $305.60 high though, and the recent bounce has been met with resistance from its descending 50-day moving average . Year-over-year, Spotify stock is down roughly xx.

 

Stop leaving money on the table with the same old broken options trading approach...

There is no options strategy that more perfectly capitalizes during earnings season better than this simple call and put buying strategy. Perfect for aggressive traders looking to recover their suffering portfolios so far in 2022. With the simplest possible options strategy, Schaeffer's team with 100+ years of options trading excellence, target 200% gains on every single trade. So many trades are being beaten down by the market, but don't be one of them! Don't waste another second... join us right now before the next trade is released! 

 
Schaeffer's Daily Bulletin Offer
 


 


 
Special Offers from Schaeffer's Trading Partners