Sell-off as a buying opportunity: Goldman Sachs upgrades Spotify Technology to Buy – Price target $700 (+40%)

The stock of Spotify Technology (SPOT) had to end its upward trend, which had been ongoing since the beginning of 2023, for the first time in the autumn. At its peak, the stock had increased sevenfold, which made a consolidation desirable. Spotify has transformed from a pure music streaming service to the dominant global audio platform. The transition from "ownership" (CDs/downloads) to "access" (streaming) has largely been completed. The company acts as an aggregator for audio content (music, podcasts, audiobooks) and controls the interface between...