Spotify hits record high after upbeat rating

Business 7/11/2018, 8:32 PM
Spotify hits record high after upbeat rating

Nomura Group's Instinet initiated the coverage of Spotify Technology SA on Wednesday with a buy rating, underpinning its stock against a wide equity market decline. The Swedish company jumped at the New York Stock Exchange to $183.24, an all-time high, which compares to the reference price of $132 from the direct listing on April 4.

The firm's analyst Mark Kelley highlighted a strong position for negotiations with labels as Spotify is "driving a music-industry recovery." He set a $210 price target. The stock was up 0.75% at 8:16 pm CET, selling for $181.78.

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SPOTIFY TECH....0.00%

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