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Spotify Reports Earnings Tuesday. Here's What's Top of Mind for One Analyst Team.

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TD Cowen analysts initiated coverage of shares of music-streaming platform Spotify at Neutral with a $129 price target.

Spotify Technology is a key player in the music industry, but it faces competitive challenges, one analyst team said as it initiated coverage of the music-streaming platform ahead of earnings.

“While we expect Spotify to continue to grow revenue at double digits and enjoy margin improvement over time, we think current valuation already discounts in a fairly optimistic financial trajectory,” TD Cowen analysts wrote. In the past, entertainment platforms have carved a space through exclusive content, but within the music sphere, almost all of the content is owned by record labels, they added.

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