Spotify shares fell as much as 6% on Wednesday following a report by analysts at Bernstein that questioned the companies’ podcast investments in a slowing podcast market.
Spotify shares finished the day down 4% at $262.79. The Nasdaq, on which Spotify trades, was down 0.2% while another music streaming company, Tencent Music Entertainment dropped 2.3%. Bernstein has a price target of $208 and an “underperform” rating for Spotify, making it one of four out of 29 analysts tracked by Refinitiv to give Spotify either an underperform or sell rating. The 29 analysts’ median price target is $339.62, 28.7% above Wednesday’s closing price.
Taken together, Bernstein argues, these factors suggest a heightened risk-versus-return imbalance is not baked into the current share price.
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