高盛在平衡风险/回报的情况下对Spotify采取观望态度

Goldman Sachs on Tuesday lowered its investment rating on Spotify (NYSE:SPOT) to "neutral" from "buy," citing a balanced risk/reward scenario for its shares.

The research firm said it continues to see forward growth opportunities for the online music streaming company in roughly the mid-teens percentage rate of consolidated total revenue CAGR over the next 3-4 years.

Goldman said the growth opportunities include steady premium subscription price increases, the introduction of new premium pricing tiers, healthy MAU growth and steady conversion of ad-supported users into paid subscribers, and reacceleration of advertising revenue growth in 2026 and beyond, among other things.

Spotify also has a solid runway for gross profit dollar growth and margin improvement, according to Goldman, which would be driven by modestly improving unit economics on the core music product, leverage on “fixed” expenses within the cost of revenues, and scaling of high incremental gross margin revenue streams in advertising. 

SPOT's price target was hiked by $5 to $770, implying an upside of 5.7%.