Goldman Sachs Raises Forecast On Spotify, Cites User Engagement Growth and Potential Deluxe Tier Revenue
Goldman Sachs Raises Forecast On Spotify, Cites User Engagement Growth and Potential Deluxe Tier Revenue
Goldman Sachs analyst Eric Sheridan maintained a Buy rating on Spotify Technology SA (NYSE:SPOT) and a price target of $430 (up from $425).
高盛分析师Eric Sheridan维持对Spotify Technology SA（纽交所：SPOT）的买入评级，并将目标股价定为430美元（由425美元上调）。
Ahead of its third-quarter 2024 earnings report, Sheridan previewed current industry data, addressed key investor debates, and highlighted the potential revenue contribution from a deluxe tier for Spotify over the long term.
在2024年第三季度财报公布之前，谢里丹预览了当前行业数据，解决了关键投资者争论，并突出了Spotify在长期内豪华会员服务可能带来的营收贡献。
Since its last earnings report, Spotify stock has outperformed (+13% versus the SPX +2% over the same period), which continues a pattern of the past 12 months with Spotify stock +142% versus the SPX +35%, the analyst noted.
分析师指出，自上次发布财报以来，Spotify股票表现优异（+13％，而标普500指数同期仅上涨2％），延续了过去12个月的模式，Spotify股票上涨142％，而标普500指数上涨35％。
Also Read: Spotify Recovers After 3-Hour Outage Impacting Thousands of Users
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He said Spotify's stock performance is anchored around a few key narratives that continue to build momentum.
他说，Spotify的股票表现集中在一些持续增长的关键叙事上。
Spotify is the clear global audio platform leader, which Sheridan expects to translate into elements of scaled compounded user growth, rising engagement across multiple format structures, and pricing power for his operating forecast period.
Spotify是全球音频平台的明确领导者，谢里丹预计这将转化为成比例的用户增长元素，跨多种格式结构的增加互动，以及为他营业预测期间提供定价权力。
Coming out of its late 2023 operating costs restructuring, Spotify is beginning to show much of the gross and operating margin trajectory that the company has discussed as medium or long-term goals dating back over the last 3-5 years, with forward opportunities around efficiencies, segment revenue scale, and yield or return from prior period investment cycles as drivers of outsized multi-year margin improvements in years to come
自2023年底进行营运成本重组以来，Spotify开始展示公司讨论过的中长期目标中的大部分毛利率和营业利润率轨迹，这些目标可追溯至过去3-5年，未来关于效率、细分收入规模和先前投资周期的收益或回报的机会将成为未来数年较大幅度边际改善的驱动因素。
The analyst also flagged the potential for a more consistent shareholder return policy that closely mirrors its global TMT peer group in the coming years.
分析师还提到，在未来几年内有可能出现与全球TMt同行团体相似的更为一致的股东回报政策。
Going into this earnings report, Sheridan noted investors focused on management commentary on pricing and product decisions, gross margin results, and broader elements of the audio landscape in terms of broader platform scaling or evolution in the years ahead.
在这份财报中，谢里丹指出，投资者关注管理层对定价和产品决策、毛利率结果以及未来几年中音频领域更广泛的平台规模扩展或演变等方面的评论。
Sheridan projected fiscal 2024 revenue of 15.72 billion euros and EPS of 5.87 euros.
谢里丹预测2024财年营业收入为157.2亿欧元，每股收益为5.87欧元。
Price action: SPOT stock is down 1.94% at $364.24 at the last check Monday.
股价走势：SPOt股票在上周一最后一次检查时下跌1.94%，报364.24美元。
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Shutterstock上的esthermm拍摄的照片。
