Stifel Reiterates Buy Rating on Spotify (SPOT) After Locker Room Acquisition

Stifel analyst John Eggbert reiterated a Buy rating and $360.00 price target on Spotify (NYSE: SPOT) after the company announced it has acquired Betty Labs, creator of Locker Room. Locker Room is an innovative live audio app reshaping the way fans talk about sports similar to social audio services like Clubhouse and Twitter's Spaces.

The analyst stated "We believe Spotify's natural expansion into the live audio space could strengthen the relationships between millions of musicians / creators publishing content on Spotify and their hundreds of millions of fans currently using the service. Additionally, we believe Spotify's much anticipated entry into live audio should also provide a natural supply pipeline of new podcasts as creators record their live sessions for time-shifted consumption. Overall, we believe the deal strengthens Spotify's value proposition for creators and provides another vector of differentiation vs. competitors."

For an analyst ratings summary and ratings history on Spotify click here. For more ratings news on Spotify click here.

Shares of Spotify closed at $257.39 yesterday.

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