Goldman Sachs Raises Forecast On Spotify, Cites User Engagement Growth and Potential Deluxe Tier Revenue
Goldman Sachs Raises Forecast On Spotify, Cites User Engagement Growth and Potential Deluxe Tier Revenue
Goldman Sachs analyst Eric Sheridan maintained a Buy rating on Spotify Technology SA (NYSE:SPOT) and a price target of $430 (up from $425).
高盛分析師Eric Sheridan維持對Spotify Technology SA（紐交所：SPOT）的買入評級，並將目標股價定爲430美元（由425美元上調）。
Ahead of its third-quarter 2024 earnings report, Sheridan previewed current industry data, addressed key investor debates, and highlighted the potential revenue contribution from a deluxe tier for Spotify over the long term.
在2024年第三季度業績公佈之前，謝里丹預覽了當前行業數據，解決了關鍵投資者爭論，並突出了Spotify在長期內豪華會員服務可能帶來的營收貢獻。
Since its last earnings report, Spotify stock has outperformed (+13% versus the SPX +2% over the same period), which continues a pattern of the past 12 months with Spotify stock +142% versus the SPX +35%, the analyst noted.
分析師指出，自上次發佈業績以來，Spotify股票表現優異（+13％，而標普500指數同期僅上漲2％），延續了過去12個月的模式，Spotify股票上漲142％，而標普500指數上漲35％。
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He said Spotify's stock performance is anchored around a few key narratives that continue to build momentum.
他說，Spotify的股票表現集中在一些持續增長的關鍵敘事上。
Spotify is the clear global audio platform leader, which Sheridan expects to translate into elements of scaled compounded user growth, rising engagement across multiple format structures, and pricing power for his operating forecast period.
Spotify是全球音頻平台的明確領導者，謝里丹預計這將轉化爲成比例的用戶增長元素，跨多種格式結構的增加互動，以及爲他營業預測期間提供定價權力。
Coming out of its late 2023 operating costs restructuring, Spotify is beginning to show much of the gross and operating margin trajectory that the company has discussed as medium or long-term goals dating back over the last 3-5 years, with forward opportunities around efficiencies, segment revenue scale, and yield or return from prior period investment cycles as drivers of outsized multi-year margin improvements in years to come
自2023年底進行營運成本重組以來，Spotify開始展示公司討論過的中長期目標中的大部分毛利率和營業利潤率軌跡，這些目標可追溯至過去3-5年，未來關於效率、細分收入規模和先前投資週期的收益或回報的機會將成爲未來數年較大幅度邊際改善的驅動因素。
The analyst also flagged the potential for a more consistent shareholder return policy that closely mirrors its global TMT peer group in the coming years.
分析師還提到，在未來幾年內有可能出現與全球TMt同行團體相似的更爲一致的股東回報政策。
Going into this earnings report, Sheridan noted investors focused on management commentary on pricing and product decisions, gross margin results, and broader elements of the audio landscape in terms of broader platform scaling or evolution in the years ahead.
在這份業績中，謝里丹指出，投資者關注管理層對定價和產品決策、毛利率結果以及未來幾年中音頻領域更廣泛的平台規模擴展或演變等方面的評論。
Sheridan projected fiscal 2024 revenue of 15.72 billion euros and EPS of 5.87 euros.
謝里丹預測2024財年營業收入爲157.2億歐元，每股收益爲5.87歐元。
Price action: SPOT stock is down 1.94% at $364.24 at the last check Monday.
股價走勢：SPOt股票在上週一最後一次檢查時下跌1.94%，報364.24美元。
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Photo by esthermm on Shutterstock
Shutterstock上的esthermm拍攝的照片。
譯文內容由第三人軟體翻譯。
