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Raymond James noted Spotify's strength compared to streaming staple Netflix
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.