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Benzinga
Benzinga
Business
Anusuya Lahiri

Citi Sees Gross Margin Expansion Ahead For Spotify

SPOT Citi NYSE
  • Citi analyst Jason B. Bazinet noted that Spotify Technology S.A. (NYSE:SPOT) has been building a broader audio platform that spans both Music and Podcasts for several years. 
  • He noted that these investments have not helped or hurt gross margins.
  • However, with larger tailwinds from Marketplace and smaller headwinds from Podcasting, he expected gross margin expansion in 2023 and beyond. 
  • All of which should be bullish for the firm’s equity value. 
  • Bazinet reiterated a Buy on the stock. 
  • Last week, Wells Fargo upgraded its rating on the stock following its June 2022 investor day.
  • Raymond James had also upgraded the stock. He saw the competitive landscape in streaming music was largely stable versus Netflix, Inc (NASDAQ:NFLX).
  • Price Action: SPOT shares traded higher by 3.20% at $102.51 on the last check Thursday.
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